Bitcoin - Possible 80k Range Top Before Decline...
Updated
Based on decline in percentage increases across the past 12 years or so, BTC is actually showing to be at the top of where it can go. This part is scary.
2012-2014 = around 50,000%
2015-2017 = around 10000% (one fifth of increase during previous cycle)
2018-2021 = around 2000% (one fifth of increase during previous cycle)
2022-2024 = around 375% (almost one fifth). 80k would be the top in that case if we take 400%.
And this is the part where it gets trickier.
BTC does not fall down but stays there within the red and green bands.
But we have ETH take over BTC. Institutional money starts to shift from BTC to ETH. Just a theory. ETH goes parabolic and becomes the dominant coin. BTC retains legacy status.
No trading advice, just observation....
2012-2014 = around 50,000%
2015-2017 = around 10000% (one fifth of increase during previous cycle)
2018-2021 = around 2000% (one fifth of increase during previous cycle)
2022-2024 = around 375% (almost one fifth). 80k would be the top in that case if we take 400%.
And this is the part where it gets trickier.
BTC does not fall down but stays there within the red and green bands.
But we have ETH take over BTC. Institutional money starts to shift from BTC to ETH. Just a theory. ETH goes parabolic and becomes the dominant coin. BTC retains legacy status.
No trading advice, just observation....
Note
BTC is more likely to enter sub 60k range in the coming week than bounce back up above 64k range. Price levels to watch:
Bearish scenario - 57.5k range/EMA 200 for a potential bounce. If BTC breaks below that level, then it is likely that BTC will keep looking for supports until either 53k or sub 50k level.
Bullish scenario: A clean break above 64k, followed by higher high and higher lows (above 64k) will probably result in another test of 70k and 72k level.
Safe trading advised only.
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