Bitcoin's High Time Frame Chart: A Crucial Juncture for the Crypto Market
The most crucial chart in crypto shows Bitcoin's High Time Frame (HTF) movement. Since 2020, we've seen a 4-year range-bound consolidation. Two attempts to break out in 2021 failed, but we've finally surpassed the resistance level in 2023.
Now, we're back at the key support level. There are two possible outcomes:
1. A false breakout leading to a sharp decline.
2. A successful retest before continued upward momentum.
While we can't predict the future, several indicators suggest a bullish outlook:
- Gold and stocks are performing well.
- The US dollar is weakening.
- We're in a bull market since January 2023.
- The post-halving period typically sees increased bullish momentum.
- Bitcoin adoption and ETFs are at an all-time high.
Based on these factors, we believe the second scenario is more likely, indicating a successful retest and continued growth for the crypto market.
