Bitcoin Longterm Update 20/01/2022 $290k Target
From the current structure, it looks like Bitcoin (BTC) may be retesting the key support level @ 40k..a potential bleed incoming. If we fail to hold 40k as our key support level, BTC may fall further, retesting the 23.60% fibs @ $39,694
Further to this, the Sovereign A.I script has just triggered a Sell Signal on the Weekly timeframe (Not to be too alarmed, we are still bullish on BTC), it looks more than likely that we may experience a longer period of this downward trend (already 6 weeks in). I believe if BTC finishes above
46K-47k this month then we may regain market sentiment. As it stands, we are just days away from a big breakout of this descending wedge towards 
49K or the more gloomy scenario in the short-term which would see BTC retest the previous key support and may further to the May Bottom 20k. This is the capitulation which will fuel the next parabolic phase as we go into late Q2, Q3 and the road to 100k is still plausible after the climb back to retest the previous ATH 69,004.
looking back at the past year BTC has been consolidating in a range between 28k-70k, further capitulation will only fuel the next impulsive run for Bitcoin, have a look at this potential scenario..
551% Gain for Bitcoin at the current price to the full fib extension @ $290,017, and from the lower price range if we fall further during this extended cycle, it is a 694% gain @ 50% fibs ($34,172) to the full fib extentsion
Further to this, the Sovereign A.I script has just triggered a Sell Signal on the Weekly timeframe (Not to be too alarmed, we are still bullish on BTC), it looks more than likely that we may experience a longer period of this downward trend (already 6 weeks in). I believe if BTC finishes above
46K-47k this month then we may regain market sentiment. As it stands, we are just days away from a big breakout of this descending wedge towards 49K or the more gloomy scenario in the short-term which would see BTC retest the previous key support and may further to the May Bottom 20k. This is the capitulation which will fuel the next parabolic phase as we go into late Q2, Q3 and the road to 100k is still plausible after the climb back to retest the previous ATH 69,004.looking back at the past year BTC has been consolidating in a range between 28k-70k, further capitulation will only fuel the next impulsive run for Bitcoin, have a look at this potential scenario..
551% Gain for Bitcoin at the current price to the full fib extension @ $290,017, and from the lower price range if we fall further during this extended cycle, it is a 694% gain @ 50% fibs ($34,172) to the full fib extentsion
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