Bitcoin’s Uptrend Is Nonetheless Intact – 164Ok Is Nonetheless Our Goal…

We additionally added the time bitcoin has spent going sideways (black squares) and rallying (inexperienced squares). It follows that BTC has spent about 28 months in consolidation patterns and rallied for less than ~6 months. Why is that vital? As a result of it means 1) you snooze, you lose, and a couple of) don’t get shaken out throughout instances of low volatility.

Lastly, the crimson down-pointing arrows point out that every consolidation ends in false breakouts. We simply skilled one on August 14. Solely the February-March consolidation of this 12 months was resolved decrease, however Bitcoin stayed inside its uptrend channel and has rallied a number of instances to new ATHs since then. Subsequently, comply with the pattern, the four-year cycle, the Elliott Wave, and our long-term buying and selling system sign. None of those have but signaled that the highest is in.

Moreover, assuming “THE” peak on December 1, the blue pattern channel is then round $149.3K, which remains to be 28% above present ranges and brings us near the perfect $164Ok goal.

So, though we haven’t gotten each twist and switch proper since then—which is unimaginable anyway—we’ve constantly emphasised a bullish outlook for nearly two years, preserving our premium e-newsletter members on the proper aspect of the commerce, leading to over 400% features. At this level, we stay bullish.