To what level can Bitcoin rise?
There is an analyst that I respect a lot, from Standard Chartered, who has considered the most likely target for Bitcoin's rise, the price of 200,000. I am more of a chart person, and we are going to go level by level, seeing the evolution of the price on the chart.
Financial advisors who have recommended their clients invest in cash Bitcoin ETFs have advised them to allocate 3.5% of their financial assets.
It strikes me that the group of financial advisors who have made this investment recommendation to their clients is a small group.
Institutions have not yet entered Bitcoin spot ETFs in large volume, because they have not had time to decide, and they will most likely do so now once a correction has begun.
So there is money waiting to flow into spot Bitcoin ETFs. In such a way, that analyst's forecast can be fulfilled.
Now, I prefer to look at the chart. What are we seeing in the short term?
The day before yesterday, there was less money coming into the spot Bitcoin ETFs, and yesterday we had net outflows by funds from the spot Bitcoin ETFs.
What does this reveal? It reveals that the bubble of optimism of people who believed that there were not going to be enough bitcoins for everyone is being punctured.
We see that desire to buy Bitcoin has been reduced. And what do we see on the chart?
The medium and long-term trend continues to be bullish, and what we are witnessing is a correction.
It is an orderly, logical and normal correction. There is a bearish channel, and I have established first resistance at the 68.123 zone.
In the short term, we are going to consider as the most likely scenario that Bitcoin continues to fall to that support zone that is around 61.000
And when it reaches that zone, or when we see some type of exhaustion pattern, we will think about whether it has made a bottom and can deploy another leg upwards.
Guys, what do you think? Leave a comment with your thoughts.
There is an analyst that I respect a lot, from Standard Chartered, who has considered the most likely target for Bitcoin's rise, the price of 200,000. I am more of a chart person, and we are going to go level by level, seeing the evolution of the price on the chart.
Financial advisors who have recommended their clients invest in cash Bitcoin ETFs have advised them to allocate 3.5% of their financial assets.
It strikes me that the group of financial advisors who have made this investment recommendation to their clients is a small group.
Institutions have not yet entered Bitcoin spot ETFs in large volume, because they have not had time to decide, and they will most likely do so now once a correction has begun.
So there is money waiting to flow into spot Bitcoin ETFs. In such a way, that analyst's forecast can be fulfilled.
Now, I prefer to look at the chart. What are we seeing in the short term?
The day before yesterday, there was less money coming into the spot Bitcoin ETFs, and yesterday we had net outflows by funds from the spot Bitcoin ETFs.
What does this reveal? It reveals that the bubble of optimism of people who believed that there were not going to be enough bitcoins for everyone is being punctured.
We see that desire to buy Bitcoin has been reduced. And what do we see on the chart?
The medium and long-term trend continues to be bullish, and what we are witnessing is a correction.
It is an orderly, logical and normal correction. There is a bearish channel, and I have established first resistance at the 68.123 zone.
In the short term, we are going to consider as the most likely scenario that Bitcoin continues to fall to that support zone that is around 61.000
And when it reaches that zone, or when we see some type of exhaustion pattern, we will think about whether it has made a bottom and can deploy another leg upwards.
Guys, what do you think? Leave a comment with your thoughts.