Bitcoin BTC 90K BULLRUN PUMP COMING? or CRASH? BTC Price Prediction Technical Analysis Today 2024

Published: Aug 27, 2024 Duration: 00:03:16 Category: Education

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taking a look at Bitcoin we can see that Bitcoin is continuing to consolidate so what we have drawn here is a chart from the main Channel which I'll briefly highlight and basically what it says is once we enter this green box which is around the end of September into the middle of October that is actually the quote unquote golden zone for when bitcoin's rally starts or I guess ends right the final stage of the bull market is what I'm trying to say so we can see in 2020 we had our having and about 164 days later we began our parabolic rise we go back to 2017 we can see after the having about a 140 days we begin our parabolic rise and I would have to imagine that if we again take our measurement tool and we say if we measure 140 days from the having that is precisely the middle of September and it could be a little longer towards October is but somewhere in that green box is where I would imagine the rally begins could it be a little later sure could it be earlier it's very unlikely just because of how bearish September usually is but nevertheless if we do just take a look at the standard ta we can make the argument that as long as Bitcoin stays over to 382 retracement it is considered bullish now obviously we had a very large Wick couple of weeks ago but interestingly enough you can see that the closes are right on top of the 382 so that tells me that the market is fully aware that this 55k range is in massive support uh if we go to the weekly time frame we can see same concept every single close is over 55k so I would have to make the case that as long as Bitcoin is over $55,000 it is actually considered macro bullish you can also argue that this is some type of uh broadening wedge um the case that I would make is a lot of people are saying bull flag I would make the case that it's actually doing something very similar to what happened in 2022 for the S&P 500 where it's almost like a giant megaphone if you take a look at the S&P chart you can see back in 2022 you had a very similar structure where the tops were getting further away away from each other and the bottoms or uh that's not what I meant to say the bottoms are getting further away from the tops right where you had your big bull run and then you had like a giant megaphone almost and then once you broke through it you had your bull market that's pretty much what we're seeing right now so whether or not that's the bottom I don't know but I would argue that as long as we're over 55k this will end up breaking to the upside now if we break below 55k and stay there then it's not we're not going up anytime soon but I would say from a macro standpoint as long as we're over 55k I would argue the direction is going to be up but if we below if we're below 55k then it's actually bearish in my opinion so that's pretty much it none of this is financial advice

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