Happy New Year with BITCOIN breaking 45k!

First and foremost allow me to wish everyone here in the TradingView community a Happy New Year and a prosperous 2024!

What a better way to start the year than Bitcoin (BTCUSD) breaking above 45000 mark, a level it last visited on April 06 2022. Every Cycle can be seen trading within a Megaphone pattern with the parabolic rally illustrated by the dotted curves. Note that every time the price breaks above the 1W MA50 (blue trend-line), it holds it as Support (exception of course was the COVID crash). The 1W MA50 is now 30000, which means that technically any pull-back/ correction that takes place until the peak of this Cycle, shouldn't break below this level and practically dip buyers have a benchmark to work with.

But what do you think? Are we about to witness an even more aggressive part of this new rally? Feel free to let us know in the comments section below!

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