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BTC: The uptrend is over! 21k coming!
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BREAKING: Elon Musk’s SpaceX sold all its $373 million #bitcoin - WSJ
As I had foreseen over the course of several months, the prevailing upward trajectory has at long last reached its conclusion. The waning momentum became unmistakably apparent through the emergence of a bearish divergence on both the daily and weekly timeframes. This signal was further corroborated by the formation of a double-top pattern, signifying the depletion of the upward trend's strength and hinting at an impending reversal – a prediction that indeed came to fruition.
It is advisable to brace ourselves for a substantial downturn ahead, a sentiment that extends to altcoins as well. The initial downside target, contingent upon breaching the established support zone, rests at the 21k mark. Subsequently, a movement towards the prior low of 15k appears to be in the offing.
In my estimation, the ultimate trough is likely to materialize around the 12k range, primarily driven by macroeconomic factors.
Keep in mind that this Bitcoin correction has consistently taken place during the August and September months of the pre-halving year. This occurrence is a result of a seasonal correction within the S&P 500 (which has experienced a 4% decline this month) during the pre-election year.
It's worth monitoring SPX and DXY as well.
Stay safe and make sure to like and comment :)
As I had foreseen over the course of several months, the prevailing upward trajectory has at long last reached its conclusion. The waning momentum became unmistakably apparent through the emergence of a bearish divergence on both the daily and weekly timeframes. This signal was further corroborated by the formation of a double-top pattern, signifying the depletion of the upward trend's strength and hinting at an impending reversal – a prediction that indeed came to fruition.
It is advisable to brace ourselves for a substantial downturn ahead, a sentiment that extends to altcoins as well. The initial downside target, contingent upon breaching the established support zone, rests at the 21k mark. Subsequently, a movement towards the prior low of 15k appears to be in the offing.
In my estimation, the ultimate trough is likely to materialize around the 12k range, primarily driven by macroeconomic factors.
Keep in mind that this Bitcoin correction has consistently taken place during the August and September months of the pre-halving year. This occurrence is a result of a seasonal correction within the S&P 500 (which has experienced a 4% decline this month) during the pre-election year.
It's worth monitoring SPX and DXY as well.
Stay safe and make sure to like and comment :)
Nota
Nota
When a rapid decline occurs, BTC dominance typically follows suit by decreasing. Subsequently, the prices of altcoins are impacted, resulting in a rise in BTC dominance thereafter..Nota
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