Not excluding an escape of $BTC deep down to approach 80-83k to take away all the confidence of investors. A great price action supports below. It would be reasonable to have a correction for a longer-term growth.
I analyze a detailed article about #ETFvsBTC #btc scenarios towards the answer: How much will $BTC peak in the distant future? I will analyze based on personal opinion through the 3 scenarios stated in the 3 arrows as shown in the image: 1. Blue Arrow Scenario: I am using the pitchfan indicator for a long-term BTC chart showing the price path and possible BTC price target according to PLan A (what I call the green scenario). Accordingly, BTC will be able to reach the threshold of the Super Wave Cycle with a peak of $300-350k.
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The January candle closed right at the PA closing. Strong support. Could the price dips below 77-78k be just wicks to shake out all the small players?
Or is it a traditional market continuing?? I bet that BTC will not drop deeper, as many are waiting for that. Although technical analysis suggests it could go deeper. Sometimes, the contrarian thinking must prevail.
The bullish hope $BTC only thanks to the market maker doing everything Otherwise, it will take a bit longer. Buying BTC below 80 is a reasonable choice. Buy and buy at a lower price.
$BTC The price of Bitcoin (BTC) reaching $77,000 is a hypothetical high price and it is not the actual price at the current time. If Bitcoin were to drop sharply from its peak (around $73,750 in March 2024) to a much lower price (like $77,000 in your example if it is considered a sudden drop), the reasons could stem from various factors: • Large Sell-off: Major investors (whales) selling a huge amount of Bitcoin, creating strong downward pressure on the market. • Regulation and Policy: Governments or regulatory agencies implementing extremely strict regulations, prohibitions, or heavy taxation on cryptocurrencies. • Unexpected Events (Black Swan Events): An unforeseen economic, political, or technological event, such as a global financial crisis, a major cyber attack on a large exchange, or a significant technical flaw in the Bitcoin protocol. • Negative Market Sentiment: Bad news spreading quickly, causing fear (Fear, Uncertainty, Doubt - FUD) and leading retail investors to panic sell as well. • Changes in Interest Rates and Macroeconomics: Central banks raising interest rates or implementing tightening monetary policies, reducing liquidity and causing investors to shift capital from risky assets like crypto to safer assets.