Today, Friday, BELOBABA tells us interestingly about the situation of bitcoin one month after its halving, from the hand of its Chief Investment Officer, Jesús Sánchez-Bermejo.
We have bitcoin in 60/61K zones within its second support range. There are more possible supports in case you lose them, such as 58K and 52/51K, which are already important areas.
Without forgetting where the price comes from, the movement started in the 15K/16K zone is, in my opinion, having two medium terms.
In the following graph, you can see how Bitcoin was supported by zones of 0.786% fibonacci structure, in the theory that the price, in the previous long-term bullish movement after the last halving, realized a 4.28% fibonacci structure , and from there, it retreated in the crypto winter, to commented areas.
In the following graph we see bitcoin (but I have chosen instead of its price, its market capitalization), making a movement from 16K (in market capitalization it corresponds to areas of 480 billion USD) and from there, it is making both commented medium terms (September 2023 to January 2024 and after the fall, January end of 2024 to May 2024).
The second structures may be equal or superior, so the theory indicates that the area could be attacked and overcome.
It is important to indicate that the graph is on a logarithmic scale.
The temporal circumstance of May 2024, it is commented, in relation to an approximate time equal to the previous time of the first medium term, could be of different temporality. In a linear graph, structure 2 has managed to double, in logarithmic terms, as written, not yet. We'll see if it does.
In that assumption, bitcoin should reach at least 1,495 trillion USD, in this discussed range.
The bitcoin halving is approaching and more interesting than where it will be in May, would be where it will be in July 2024, since after the previous halvings, after approximately 90 days, this is usually the area where bitcoin usually finds strong and initial resistance.
We'll have to wait and see what he does this time.
This content is for informational and educational purposes. There is no consumer protection. Your capital is subject to risks. It is not a recommendation to buy or sell crypto assets. Do your own research or contact your trusted financial advisor. Neither myself nor BELOBABA are responsible for investment decisions (DYOR).
Jesus Sanchez-Bermejo
BELOBABA