bitcoin is still buy for awhile Buying Bitcoin in the $72K-$74K range with an initial target of $130K-$150K. After that, we need to assess whether the market will undergo a deeper correction to $47K to form a reverse contracting triangle with targets above $500K, or if there will be no further drop and another structure will emerge for the continuation of the uptrend.
The key takeaway here is that while Bitcoin generally moves in tandem with the S&P and Nasdaq indices, there’s a crucial difference: If you observe closely, the angle and intensity of the declines in these indices are significantly steeper than the angle of their upward movements. This suggests that a major correction and recession in the stock market have begun, expected to last at least 300 days (with approximately 200 days remaining).
However, in Bitcoin, the recent pullback has been at a shallower angle compared to the previous upward movement. This indicates that the D wave of the uptrend is not yet complete. As a result, we should anticipate another leg up, with minimum targets at the previous all-time high and a more standard target of $130K-$150K. After reaching those levels, a more significant decline could follow.
For now, keep an eye on the $72K-$74K range as a key potential entry point, as the bullish scenario remains likely.
