My Expectations On Bitcoin Price- Technical Science
They have been so many hypes around the market for a while a some positive news especially concerning the bitcoin ETF, and due to this reason bitcoin price has been kind of moving up nicely over the recent times though the price to me is yet to maintain a real surge of real magnitude a sustainable one I mean which will make all other altcoin follow suit.
Probably we get to see this in the much expected bull run that will be kick-started at bitcoin halving next year will be being so much excitement to the crypto space as the crypto market will be rather booming.
Screenshot from tradingview
The above screenshot is the weekly chart of bitcoin this is a rather top down analysis and I began on the weekly as this holds the story of the price trajectory and true movement and what's expected to play out in the overall scheme, so honestly I believe the higher time frame is the most important and from this analysis am rather bullish on bitcoin atleast on the short till we take out the closest weekly high or draws to it.
From the weekly chart of bitcoin when the price of bitcoin bottomed around $15k around November of last year and the subsequently broke the $21.45k resistance level that signal the beginning of a bullish trend on the weekly chart and ever since then bitcoin has been bullish on the weekly.
It broke that high reaching the $25k level then it retraced back, back to where to a fair value gap on the weekly which acted as support for it that was the beginning of the true rally on the weekly.
Then around june-september of this year after enjoying a little rally the price formed a double or relatively double bottomed around the $25k level and then I knew we could be up for more upside especially after breaking the $30-31k resistance high on the weekly chart and the price has been rallying since and I honestly expect the price of bitcoin to atleast draw to or even take out the liquidity on the weekly which is to say I rightly expect the price to break or reach the $48k price level that's my personal target as I know market always seeks out liquidity and this is the next draw on liquidity in the weekly timeframe.
Now let's drop to the daily timeframe.
Screenshot from tradingview
From the daily timeframe I believe that the next draw on liquidity on the daily timeframe is around the $44k level and that's where I believe price is currently drawing or reaching to in the immediate short term and to confirm this we can see after the first rally to $44.6k level the price retraced and back to where to an fvg on the daily.
After it left the fvg on the daily interestingly it also formed a double bottom on the daily around the fvg on the daily timeframe more or like a double confluence of a price intending to go up and I believe it's rallying to take out the $44.6k level then onto the weekly draw of liquidity of $48k after that it remains to be seen.
Screenshot from tradingview
Then I dropped down to the 4H chart and from here we could see a clean structure of a market intending to go up, it broke the structure revisited the fair value gap on the 5hourly and from there it continues it move up.
So clearly the price of bitcoin has been bullish on the weekly since this year atleast based on structure and currently I believe based on the information on the chart that bitcoins price on the weekly, the daily and the 4hourly is bullish, yes we are in a bullish trend on the bitcoin price chart with $48k as target on the weekly.
Screenshot from tradingview
Lastly on the 15min this is just a case of if I wanted to engage this price action and take it to that $48k, there is a break in structure and two fvg below to be on the safe side I would have choosen to enter on the first one which I would have been on the trade by now but am hoping it will come down to the much lower fair value gap and take me in before riding to $48k it might not also do so.
One thing is for sure though whether this trade plays out or not I believe we will be seeing $48k
Soon, ofcourse this is my own opinion based on my own analysis, everyone is encourage to do their own analysis first before engaging inthe market.
N/B: None of this should be taken as a financial advise to buy or sell bitcoin, it's clearly for entertainment and educational purposes
Thanks for reading through 🙏
https://twitter.com/frank_anayo/status/1737598387292098647?t=bspqwpTcEFlRO7TKA3Ejgw&s=19
It also seems to me that we may see BTC hit $48k soon.
Well it remains to be seen
You have shared nice price analysis for the Bitcoin and I believe that it is getting ready for the next Bulldog Cycle however it is also going to take some time. I don't think we are going to hit 50K or more in next few weeks but possibly it can happen in next few months.
Very important topic thanks!
It's nothing, thanks for reading through.