3.2 Today’s Bitcoin price trend: Bitcoin broke through the key first-line position of $60,000 on February 29, marking the establishment of a bull market. The previous rebound cycle was estimated to be above 50,000, but the breakthrough of 60,000 means that the rebound has exceeded 80% of the decline.
There are two possibilities for the new bull market structure: ABC structure and 12345 wave structure. The former has an upward target of above 80,000, and the latter has a higher target range, which may far exceed 80,000 and reach above 100,000.
The previous bull market was driven by Grayscale, and now the circulation of ETFs means the entry of new funds. The amount of ETF buying is much greater than the selling amount of Grayscale, and the cost area is between 40,000 and 55,000.
It is only in the early stages, but the average buying value in the institutional cost zone is above 50,000, an increase of at least double. There may be a dive around 65,000. If there is a retracement, it will be an opportunity for retail investors to get on board again.
Bitcoin video analysis link: https://www.binance.com/zh-CN/feed/post/4838139546690?ref=10088675&utm_campaign=web_square_share_link&utm_source=copylink
