I predicted that Bitcoin ($BTC) would tend to increase slightly but would encounter strong resistance levels at $58,400 and $60,000. Currently, BTC has reacted as expected and the situation could be much worse.
H4: Double Top Pattern Warns Price 📉
On the H4 frame, BTC is showing a double top pattern, an extremely dangerous signal for the market. This is a sign of an upcoming price drop. Long candle wicks and short candle bodies indicate uncertainty and increased selling pressure. According to my analysis, BTC will return to the $55,500 - $56,000 area or even deeper.
1D: Strong Selling Pressure 📊
On the daily (1D) chart, we see long candle wicks and short candle bodies, signaling indecision and a possible reversal. Panic will occur again throughout the market when those who have bottomed in the $56,000 - $58,000 range realize that the correction is not over.
1W: Increasing Selling Pressure 🌧️
The weekly chart (1W) shows increased selling pressure after a strong price increase. Key resistance levels have not been broken, and a pullback to the $55,000 - $56,000 support zone is understandable. This is the period when "whales" often shake off weak investors, to prepare for a new growth phase.
1M: Long-Term Trend 📅
On the monthly time frame (1M), the long-term trend of Bitcoin is still growth. Looking at the history of halving cycles, every time the price adjusts is an opportunity to accumulate. These cycles are often long lasting and produce significant gains after each correction.
Conclusion: Prepare for Difficult Times 🔍
Currently, the market is in a period of strong adjustment and liquidation. This is a time to test investors' patience. Those who are still waiting with me for the right opportunity, please continue to stay calm! BTC will reach $150,000 by the end of the year or early next year.
What do you think about the current situation of Bitcoin? Will you wait patiently or act now? Please share your opinion!
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Wishing you safe and successful investments! 🌟
