BTC: All Time High Frustration?
In my last piece of 6 March, I mentioned that there would be another massive price drop should BTC hit between $70k - $72k. On Coinbase, BTC hit $70199, while on Binance $69990. We will likely have a repeat performance of the price hitting $70k and then a sudden drop. We may witness this a few more times before the final breakthrough to a much higher price level. As I have said, I am comfortable forecasting $75k, but not higher prices. Going by the Fibonacci retracement, $85k is the next price point after $75k.
The weekly chart has formed into a cup, and if the price charts sideways over the next few weeks - the handle. In other words, we may have a cup handle formation. The technical analysts among you know this is a bullish sign. Time is the custodian of events, and there is a way to go before the higher prices come to the fore. We will need patience. In the meantime, set your positions and sit back to prepare for a bumpy and fascinating ride.
BTC will hit $100k, but as to when - your guess is as good as mine.
