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BTC : Where will it go next??
This is an important question, because we need to know when BTC goes up and when it goes down. When it goes up, we can know when to take profit and when BTC goes down, we can know when and where to Buy The Dip!
Let's try to discuss one by one with flashbacks first regarding the beginning of why Bitcoin rose to become the alt season like it is now.
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Let's discuss now first about: Why does Bitcoin go up?
The increase in BTC can actually be said to be predictable or obvious, because there is one event that occurred and it became a major GAME CHANGER in the crypto world, namely the decrease in interest rates.
The US interest rate cut has a positive domino effect on various parts of the world and has a positive impact on the financial market. This can happen because with the decline in interest rates on safe risk assets, the gains obtained in the asset class are no longer sexy. People will tend to look for other opportunities in different asset classes in order to get the opportunity to get good profits. So, these opportunities will be found in high-risk asset classes, such as stocks and crypto.
The good news is, in the next few days there will be a Rate Cut by The Fed and that will be the last interest rate cut in 2024.
Now that we have discussed the Rate Cut, what else could be a positive Catalyst for the crypto market?
What could be a positive catalyst for the crypto world will return to something that will have a global and comprehensive impact, none other than the US election. The US election was in the spotlight because it presented a very opposing pair, namely Kamala Harris and Donald Trump. Kamala is "trusted" by many people as the party that will be more against crypto, while Trump is very much supported and verbally also gives full support to cryptocurrency. This full support is also seen with Trump recruiting Elon Musk to support his government, who we know, Elon is a person who likes crypto and Doge memes.
Fun Fact: One of the departments in Trump's cabinet is called DOGE too! which is an acronym for the Department of Government Efficiency which is tasked with setting policies so that the money owned by the US people and the Government can be managed efficiently so that the US people become prosperous.
And Trump WON! This has a positive impact on the market and it seems that there is also an Inflow in the market so that it can pump up like now. Then, how is it technically?
What we see now is that BTC has passed 100k and has formed a new all-time high. What is the next target in BTC, Bli?
Before talking about targets, it is important for us to know that there will definitely be fluctuations in the market. Where crypto prices and markets will not run linearly up continuously.
There will definitely be a correction at some point and we have to be ready and take that into consideration as well.
If we want to zoom in, then the current position of the story is that BCT is experiencing sideways with a sideways range on the yellow line. After I found out that the market is currently sideways, I decided to IDENTIFY Bitcoin's support resistance so that I am aware of the potential decline of Bitcoin as part of market dynamics.
As I also shared on my Telegram Channel, I gave a worst case scenario in BCT by identifying 2 supports that who knows if there is a decline in BTC, then that is our chance to buy the dip.
In my opinion, BTC dropping to the 96-95k area is still possible and reasonable, so I don't rule out the possibility of this happening.
Next target for BTC?
It's simple, if you use Fibonacci, it's in the 118k and 127k areas which are the next targets for Bitcoin.
Time will tell and it will be our history ! Good luck for all of Us !