Hello everyone, dear friends, colleagues and non-random subscribers of our community.
Friday's Crypto Guide Review #BTC🔥🔥🔥🔥🔥
6Ч It's almost mid-September and the price is currently trying to consolidate above the $58K level. A successful consolidation gives the asset the opportunity to show growth to the nearest resistance in the $60K-61K range, which coincides with the middle of the almost 200-day descending channel.
At 1H at the time of review, the price is approaching the local level of $58,500 with a fairly noticeable squeeze, which increases the likelihood of a breakout and movement to the above-mentioned levels.
In general, if we look at the asset's seasonality statistics, September was mostly a period of market decline and the fourth quarter was usually the strongest for Bitcoin. But this year, we need to take into account the upcoming US elections, the results of which could break all the statistics.
Also, to support faith in the growth of bitcoin, you can look at the statistics of its movement after each halving and see that there was a continuation of growth after all previous halvings, but after some time and after a correction in the form of a sideways movement or in the form of spills. Specifically this year after the next halving, whether there will be a continuation of growth is difficult to say, due to the constantly worsening situation in the US economy, with a huge government debt and rapidly growing hotbeds of tension around the world.
Therefore, I cannot say for sure that Bitcoin will repeat the movements of previous halvings, given the number of circumstances around the world.
But if we go back to my previous reviews, I still expect a strong reaction from buyers from the $41-44K zone, where the global ascending support is on the LOGarithmic chart. In my opinion, another sharp decline should occur to disappoint the majority of market participants and force them to sell their positions, buying them back at a more interesting price before continuing the growth.
But these are just thoughts and assumptions. Only history will show us the actual outcome.
Well, I wish you profit and a positive upcoming weekend.
