The Bitcoin chart can be fascinating and a bit nerve-wracking for cryptocurrency investors, certainly those who have joined the cryptocurrency space recently. In this article, we take a closer look at the BTC chart that is on the verge of a collapse, and explain our view on the collapse that could occur in the coming days.
Why Bitcoin?
It’s an interesting question we often receive from readers: “Why focus on Bitcoin, it has no intrinsic value?”
Interestingly, when the price of Bitcoin was rising to its highest levels, in 2017 and 2020, no one asked us this question. The prevailing question at that time was: “Which altcoins should you buy now?“
See Related – Cryptocurrency Markets Almost Ready for Alternative Season 2024. Are You?
Ultimately, investor sentiment is always driven by price. As well as their perception of value.
Our predictions for Bitcoin
We can summarize our expectations regarding cryptocurrencies, especially Bitcoin expectations:
Are we optimistic about Bitcoin in 2024? Yes we are:
We expect Bitcoin to surpass $60,000 in 2024, testing the $66,000 to $69,000 area.
Do we expect Bitcoin to reach $100,000? Yes, we think so, but not yet in 2024:
Bitcoin has the potential to rise beyond $100,000 in 2025 or 2026 after the ongoing multi-year W-reversal structure is completed.
Cryptocurrency rollercoaster
Cryptocurrencies, led by Bitcoin, have been on a wild ride in recent years.
The Bitcoin chart shows us ups and downs, reflecting the volatile nature of this market. In the ever-changing world of cryptocurrencies, understanding charts is important for people trying to understand these cryptocurrencies. Now, when we look at the Bitcoin chart, there is a pattern that took about 20 months to emerge, and it is creating a feeling of excitement and caution among investors.
BTC Chart Insight #1: A 20-Month Journey Unfolds
Our story begins in April 2022, a time when the entire cryptocurrency market, including Bitcoin, experienced some big rises and falls. This was when we saw a decline in the 44-48k range. When we follow the pattern, it becomes clear that 48K is a huge hurdle. The completion of this pattern at 48K indicates that a breakout of this level will not happen overnight. It will likely take a few weeks.
The BTC ETF hype turns out to be a “buy the rumor, sell the news” type event.
See BTC chart #2: From not great to not bad
Now, the drama moves from a challenging point to a more supportive one. The level of support is not just chosen randomly; It’s in line with where the big decline started, at around 37.6K. While current support is around 40.7K, the real concern is if it drops below 37.6K. A decline of less than 10%, which could occur in the next few weeks, adds an element of uncertainty to the market.
See BTC chart Insight #3: The real challenge is 37.6k
As we explore the chart, the real challenge is getting past 48K. It has proven to be a tough nut to crack. But now, with the newly identified support at 37.6K, Bitcoin is in a good position. This support not only protects it from significant declines, but also paves the way for an attempt to break the 48,000 barrier. It may take more time, but the enhanced level of support is a key player in this story.
The really important level to watch, in case BTC drops below 40.7k, causing a crash, is 37.6k..
In other words, we will not be concerned until and unless the 37.6K level is breached (on the downside).
Understanding encryption schemes
As we finish exploring this chart, the world of cryptocurrencies, as seen in the BTC chart, remains full of potential twists and turns. Although investors are excited about the completed pattern, they also need to deal with the uncertainties associated with the support levels and potential declines. The journey from a difficult place to a more supportive place is a careful dance that demands attention.
Cryptocurrency charts are a map for investors. The Bitcoin chart we looked at today tells the story of market dynamics, offering insights beyond surface-level ups and downs. Navigating this landscape requires a good understanding of charts, resistance and support levels. As the cryptocurrency market continues to change, investors should keep an eye on these details to make smart decisions in a world that is always in motion.
In case 37.6k Bitcoin chart stays strong, we think we have amazing cryptocurrency tips for you in our premium cryptocurrency charting service >>
Outstanding service advice – This cryptocurrency can rise by 5x, and up to 8x, provided the “narrative effect” appears.
