Bitcoin’s Next Big Move: Bullish Rally or the Last Final Dip?
Next big move for Bitcoin: Bullish Rally or The Last Final Dip?
Here's my new outlook on Bitcoin's 16-hour chart. While my long-term outlook remains exact the same, 100% bullish, supported by key factors such as Bitcoin's halving from April 2024, the upcoming presidential election, a weakening dollar, strong Bitcoin accumulation and Bitcoin ETFs (as mentioned in my previous analysis), there are signs of a possible final dip before the next big rally. This dip could be part of a shakeout in the market, designed to liquidate long positions.
Here are some key patterns on the Bitcoin chart:
Bearish Rising Wedge (orange): A classic signal indicating a potential drop (target $45.000).
Bearish Breakout of the Green Bear Flag. Still there are many support levels where Bitcoin could bounce.
Bearish Gartley Pattern: Price targets between $58,700 and $50,200 indicate further downside risk.
Diamond Pattern: This rare pattern could either trigger more price declines or, if Bitcoin stays within the pattern and the lower boundary of the Diamond, bullish price action with the break outside the upper boundary!
Purple Head and Shoulders Formation: The right shoulder is still forming and if the neckline breaks, targets could be between $54,000 and $53,000.
In the worst-case scenario, Bitcoin could even fall to around $45,000 (from the orange bearish rising wedge) or find support higher at $50,000 and form a possible double bottom. This could trigger the next mega bullish rally, or it could even happen sooner, as long as the price stays within the diamond pattern and bounces off the lower Diamond line.
The price targets from my earlier analyses, including the big Cup and Handle, Inverse Head and Shoulders and the Expanding Bull flag, are still in place, reinforcing the bullish long-term outlook for 2024-2025.
The black arrow on the chart shows a possible path forward. Personally, I see $50,000 as the maximum downside, although Bitcoin could also stabilise around $58,000 or $54,000. If the dip comes, I see it as a golden opportunity to buy in for the rally, but of course that is just my opinion and every trader should do their own research.
This is an extremely important moment for Bitcoin and the broader crypto market, so it is crucial to keep a close eye on the next moves.
Have fun trading and good luck!
Disclaimer: This is my personal analysis and should not be taken as financial advice. Always do your own research before making investment decisions.
Here's my new outlook on Bitcoin's 16-hour chart. While my long-term outlook remains exact the same, 100% bullish, supported by key factors such as Bitcoin's halving from April 2024, the upcoming presidential election, a weakening dollar, strong Bitcoin accumulation and Bitcoin ETFs (as mentioned in my previous analysis), there are signs of a possible final dip before the next big rally. This dip could be part of a shakeout in the market, designed to liquidate long positions.
Here are some key patterns on the Bitcoin chart:
Bearish Rising Wedge (orange): A classic signal indicating a potential drop (target $45.000).
Bearish Breakout of the Green Bear Flag. Still there are many support levels where Bitcoin could bounce.
Bearish Gartley Pattern: Price targets between $58,700 and $50,200 indicate further downside risk.
Diamond Pattern: This rare pattern could either trigger more price declines or, if Bitcoin stays within the pattern and the lower boundary of the Diamond, bullish price action with the break outside the upper boundary!
Purple Head and Shoulders Formation: The right shoulder is still forming and if the neckline breaks, targets could be between $54,000 and $53,000.
In the worst-case scenario, Bitcoin could even fall to around $45,000 (from the orange bearish rising wedge) or find support higher at $50,000 and form a possible double bottom. This could trigger the next mega bullish rally, or it could even happen sooner, as long as the price stays within the diamond pattern and bounces off the lower Diamond line.
The price targets from my earlier analyses, including the big Cup and Handle, Inverse Head and Shoulders and the Expanding Bull flag, are still in place, reinforcing the bullish long-term outlook for 2024-2025.
The black arrow on the chart shows a possible path forward. Personally, I see $50,000 as the maximum downside, although Bitcoin could also stabilise around $58,000 or $54,000. If the dip comes, I see it as a golden opportunity to buy in for the rally, but of course that is just my opinion and every trader should do their own research.
This is an extremely important moment for Bitcoin and the broader crypto market, so it is crucial to keep a close eye on the next moves.
Have fun trading and good luck!
Disclaimer: This is my personal analysis and should not be taken as financial advice. Always do your own research before making investment decisions.
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Detail of the Bearflag en Head and shoulders
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Keep in mind that the lower boundary of the Orange Bearish Rising Wedge is also the lower boundary of the Diamond. If it breaks, we'll likely see lower targets.
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Today, 10/10/2024, I see that the SPX index (5792) might be nearing a top and is set for a correction of around 15%. Several factors could contribute to this, including a potential new attack on Iran, the ongoing conflict in the Middle East, rising oil prices, the war in Ukraine, and more.
The dip in crypto could align with this, as if the SPX drops 15% to 4916, Bitcoin will likely see an even bigger decline, making the previously mentioned targets (BTC $49,500 - $50,000) more realistic.
This could make the double bottom a solid target if the SPX sees that decline. Afterward, I expect a mega rally for cryptos.
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