BitCoin’s Weekly Horizon – week 21
It has been observed once again this week that several individuals, including self-proclaimed technical analysis (TA) experts, have been refuted. Their assertions predicting a decline in Bitcoin to 50k or even lower have been discredited. We consistently cautioned against embracing their proclamations and advocated for discerning re-entry at the lower threshold of the 58-60k range. A fortnight ago, in The Bitcoin’s Weekly Horizon, we stipulated the initial target at 68k while Bitcoin was still fluctuating around 60k amidst prevailing bearish sentiment. encourage scrutiny of the chart for corroboration. What holds significance at present?
Week 21
We want to reiterate the perspective on the current market conditions: the anticipated super-cycle has yet to commence, and its initiation is entirely contingent upon the actions of market makers, who will propel the market into a super-cycle with price targets exceeding 100k. Presently, we find ourselves confined within a trading range, a scenario consistently outlined in the preceding Bitcoin’s Weekly Horizon, which, to date, remains unchanged. While this phase may be uneventful, it is a necessary process that demands our acceptance. Ultimately, the outcome within this range will manifest as an upward breakout rather than a downward breakdown, as some individuals assert. I delineated this range a month ago, accurately forecasting the lower boundary without subsequent retracement. Placing trust in this range will yield favourable outcomes.
Regarding ETFs, the conclusion of the previous week witnessed highly bullish Bitcoin inflows, prompting the expectation of sustained ETF flows propelling Bitcoin toward loftier targets in the forthcoming week. Notably, recent days have witnessed widespread unease in response to diminished or negative ETF inflows, with some asserting the failure of the Bitcoin ETF. However, it is imperative to recognize that the days of daily inflows numbering in the hundreds of millions are swiftly drawing to a close. Shortly, we anticipate daily volumes reaching into the billions.
Retail investors are currently exhibiting caution and are reluctant to make significant market entries. Their apprehension is attributed to the observed lateral price movements and instances of market manipulation over the past 80 days. It is pertinent to underscore that the initial surge of FOMO (fear of missing out) typically commences following the 70k price level, with a subsequent wave occurring after the 74k threshold. The upcoming week is anticipated to be particularly advantageous for AI-related cryptocurrencies such as RNDR, and FET, given the prevailing AI narrative and the impending release of NVIDIA’s earnings report on Wednesday. I recommend closely monitoring NVIDIA’s earnings this week for potential market insights.
The next significant price increase is imminent, and a strong indicator is the daily chart of MA100, which has shown strong support since the beginning of the BTC uptrend from the 28k region! Bitcoin’s upward trend will continue, with the next target ranging around 82k – 88k. It’s important for people to understand that Bitcoin’s journey is far from over, and there’s more to come! Trust the market conditions and wait for the market maker to initiate the next move. Adapting to the market is crucial because the market will never conform to your preferences, and it doesn’t care about your individual emotions.