Bitcoin - Continuation of the rally after $60,000?
Attention to the Bitcoin chart. The orange line is similar to the short-term holders' realized price, only slightly better. Almost every time the price approached this line, Bitcoin dropped by another 4-7% and then immediately reversed and continued to rise.
Looking at the current situation, we have a clear parallel channel in which the price has been for over 90 days. And 4-7% below the orange line is the lower boundary of the channel.
Based on past scenarios, a likely outcome could be a drop, a liquidity grab below the channel, and then a reversal of Bitcoin and the start of a new wave of growth.
If there is not enough liquidity below, then the price could easily fall and quickly reach the $53,000 level. If BTC consolidates above the channel, then the road to the $100,000 level will be open.
Looking at the current situation, we have a clear parallel channel in which the price has been for over 90 days. And 4-7% below the orange line is the lower boundary of the channel.
Based on past scenarios, a likely outcome could be a drop, a liquidity grab below the channel, and then a reversal of Bitcoin and the start of a new wave of growth.
If there is not enough liquidity below, then the price could easily fall and quickly reach the $53,000 level. If BTC consolidates above the channel, then the road to the $100,000 level will be open.
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