Two Scenarios on BTC Price & Missing Alt-Market
Based on past Fibonacci retracement data during previous market cycles, it is conceivable that the Bull Market All-Time-High for Bitcoin has already arrived at $69,000.00. If this is the case (and it appears that it may well be), it is also reasonably possible that the missing "blow-off-top" alt-coin surge may still occur during the upward retracement attempt of Bitcoin reaching for the 702 Fibonacci line (at approximately $61,000).
Will the price begin to rise from its current price, or will it drop further until reaching as low as $39.000 before beginning the euphoric retracement back up to the 702 line ($61,000)?
Personally, I hope it stops dropping and just starts its retracement from where it is tonight at near $49,000. If Bitcoin begins rising back toward the 702 line, it will likely meet a ceiling of resistance at the 702 and confirm the Bitcoin bear-market actually began on December 4th. I was hoping for at least a $75,000.00 BTC ATH this cycle, but despite those hopes I decided to rotate out of Bitcoin at the 702 line (before it plummeted on December 4th) and into an alt-coin with solid fundamentals that had not yet shown any parabolic momentum. Let the Bitcoin retracement and parabolic Alt-Market begin!
Will the price begin to rise from its current price, or will it drop further until reaching as low as $39.000 before beginning the euphoric retracement back up to the 702 line ($61,000)?
Personally, I hope it stops dropping and just starts its retracement from where it is tonight at near $49,000. If Bitcoin begins rising back toward the 702 line, it will likely meet a ceiling of resistance at the 702 and confirm the Bitcoin bear-market actually began on December 4th. I was hoping for at least a $75,000.00 BTC ATH this cycle, but despite those hopes I decided to rotate out of Bitcoin at the 702 line (before it plummeted on December 4th) and into an alt-coin with solid fundamentals that had not yet shown any parabolic momentum. Let the Bitcoin retracement and parabolic Alt-Market begin!
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It appears that my purple-line prediction is playing-out as anticipated. God bless!
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Like I said back on December 15th.... Yip.... Hold on to your hats, kids.
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The purple line still looks plausible after I drew it all the way back in December.