We need to look at Bitcoin historically and each bear market to help guide us on what price will likely do as it tends to follow in its past movements.
We are still in bear market structure and Bitcoin usually consolidates beyond 76percent from each market cycle top. We have currently only hit around the 52 percent mark. I believe we need to come down at-least to $40k or even $31k support before we see any major price turn around. Or a new bull market start. We will likely see that type of accumulation from around august.
The last flag consolidation played out absolutely perfectly with the drop being exactly of the pole extension.
It’s in a very concentrated selling area at the moment $78-$80k area I would say it’s unlikely to go beyond those price points at this stage
It appears we are making another flag so we can assume it’s fairly likely to follow suit if it does play out from the flag extension next stop should be the $40k area
We are still in bear market structure and Bitcoin usually consolidates beyond 76percent from each market cycle top. We have currently only hit around the 52 percent mark. I believe we need to come down at-least to $40k or even $31k support before we see any major price turn around. Or a new bull market start. We will likely see that type of accumulation from around august.
The last flag consolidation played out absolutely perfectly with the drop being exactly of the pole extension.
It’s in a very concentrated selling area at the moment $78-$80k area I would say it’s unlikely to go beyond those price points at this stage
It appears we are making another flag so we can assume it’s fairly likely to follow suit if it does play out from the flag extension next stop should be the $40k area
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