Is Bitcoin Poised To Break The $73k High

It is setting to be an interesting year and that is for sure after the recent dip in price in Bitcoin it seems we are in the clear now and out of danger zone as we are seeing green so far in the market, Bitcoin has been recovering ever since it completed it halving on the 20th of April.

Now I will like to share some of the things I see on the chart which shows that clearly we are bullish and infact the dip was a normal market reaction and we are still poised to make massive gains this year especially now that the halving is all but complete.

I will be breaking down what I see on the chart of Bitcoin.

Screenshot taken by me

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First of when we take a look of the Bitcoin chart on the weekly after it broke through it previous high of $69k we have been making some decent gains and recently during the Iranian drone attack on Israel it dipped well enough shortly before the halving which took place on the 20th of this month.

Bitcoin price fell sharply dropping from around $73k to $60k shocking alot of people who didn't know where we would find support even I saw many people then calling for a $50k Bitcoin during the crash and it made me wonder how people could quickly change bias from bullish to bearish, well I didn't blame them given what was going on.

And the $50k though wasn't completely out of question, I myself during the crash I had two areas in mind that's if we had continue dropping I was hoping the fair value gap on the weekly which I marked with the pink rectangle would be a likey target which was around the $52-58k level, I looked at that level as the lowest area the bears could possibly push down the price of Bitcoin in a worst case scenario.

Screenshot taken by me

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But then I also had a initial target which Bitcoin respected, that was the inverse fair value gap on the weekly timeframe which was around $59-62k region I had believe for it to initially act as support since it was also a previous resistance level turned support and the Ifvg there made me really hopeful it would hold if not then the Fvg and ofcourse it hold firmly, Bitcoin found it difficult to break below this level and held firmly and even the wicks below was withing the weekly Ifvg meaning it was well contained as Bitcoin dipped almost to $59,600k and rejected and the pic of the chart on the D tf confirms this from there Bitcoin reversed and continue moving up.

Since this we have seen 5 upclose or bullish daily candle stick which is a good confirmation that things are really looking good for Bitcoin after the weekly Ifvg was respected and really if today we also close bullish on the daily then I believe we are poised to continue making gains.

Screenshot taken by me

If Bitcoin closes bullish today on the daily I believe we are primed and on schedule to reach the desired target, first of my initial target for Bitcoin is to atleast tap into the daily fair value gap $68-69k level so inadvertently that's my first target and if we move above that then we are heading for major gains.

If we are able to continue with this momentum which is give seeing as we are acting off a weekly timeframe which is a very strong timeframe and factoring it with the daily we saw we have been having bullish candlestick ever since the next major buyside liquidity is on the $73k level, precisely at $73,777k and of ofcourse we may not clear it out just yet but in the present moment price is drawing up to that high, it remains to be seen if it will slow down at the Fvg on $68-69.5k level or it will just shoot through the $73.7k high which would be tremendous.

Well whatever happens we are in for massive gains but really at the very least am expecting $68k price level next for Bitcoin which lines up perfectly well with the fvg on the daily which could act as first time resistance or minor before we push through it unto major high.

Thanks for reading through.

N/B: This is not to be taken as financial advice, everyone ought to do their due diligence