2 Scenarios That Will Make or Break Bitcoin's Next Move to $140K
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Bitcoin had a 10% pullback after the double bottom pattern I discussed in the last blog. It tagged pretty much close to the $100,000 level and that could be it in the short term for this move.
For confirmation, I want to see it close above the yellow moving average from the Bitcoin Compass indicator I've developed - something that hasn't happened since May 28th. That means closing above $106,500. As long as Bitcoin trades below there, the background remains orange on the daily timeframe, which is not fully bullish.
Following the buy signal from my Sniper indicator, I scaled into some Bitcoin and altcoin positions. This came after I had previously sold following the confirmed double top. I'm still holding some cash to deploy if we see any further dips.
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The Next Move Higher
If there is confirmation, then we're looking for another typical Bitcoin move higher. Given that it only dropped around 10%, it can make up that ground pretty quickly, blow through all-time highs and then keep pushing.
Looking for a repeat kind of performance like we've seen in this cycle so far, I’m eying a 90 to 100% move off the April lows. Something like that gets Bitcoin to a target of around 140K and 150K, which are big numbers of course. But that's been the character of this 4-year cycle.
The Only Time We Get Worried
The only time we get worried is if Bitcoin breaks back above $106,500 but then rolls over and takes out the $100,400 support level. That would be a major danger point.
If we see Bitcoin break below $100,400, that's a reason for concern as it could signal downside continuation of the double top pattern. As long as Bitcoin stays above that level, I think this support is holding and we'll move higher over time.
Final Thoughts
Bitcoin is now 31 months into its 4-year cycle (out of 48 total months). Since the last 12 months of the cycle are typically bearish, Bitcoin has around 5 months left to deliver that final euphoria phase move.
I remain cautious after confirming that double top pattern, but I'm still optimistic knowing all the positive developments happening behind the scenes - government backing, inclusion in 401K plans, and institutional buying.
The monthly chart paints a beautiful picture of how strong an asset like Bitcoin has been throughout the past years.
Thanks for reading
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Written by Timothy Assi, an Elite Popular Investor on eToro.
Not investment advice. eToro is a multi-asset investment platform. Your capital is at risk. For information and educational purposes only.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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