BTC is currently approaching a strong resistance area in the weekly timeframe that could potentially decide where it will go in the next couple of months. Although we know that the bull market is just around the corner, the right question to ask now is "When will it start?". For me, it is still for the market to decide. But historically speaking, back in Feb 2020, the same pattern happened in BTC after a descending triangle breakout, in the 2nd week of Feb 2020, from 10.7k it crashed back to 3.7k before the bullish trend was totally locked in. This is more than -60% drop before the bull market officially started. At the moment, the lowest pull back in the price of BTC since the inception of the uptrend late of 2023 is just around -30% drop, which gives me the doubt if its really ready to push hard to the upside. Although there are fundamental factors that might be affecting the current trend, I will opt to watch a little bit more and wait for a confirmation before an All-in call. The next bull market can be a life changer, stay ready.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.