Just one day before the results of the US presidential election, the crypto market bull run started.
$BTC has been running recklessly for nearly 5 days, and the current price is $78,844. Everyone feels optimistic now, and at this time, they can't help but sigh at the shock of the bull run.
So what now? BTC has reached its goal and surpassed 75K, where will it go?
$BTC where will it go?
Since the low point in 2022 till now, we have only experienced 4 waves of fluctuations, which means that we will experience a 5th wave of fluctuations before the larger bull cycle ends.
From the chart, we are currently in the last round of the 5th wave of the nearly 7-year upward trend. Still see the possibility of another 50% - 90% increase in the next few months.
See the chart 1, BTC is halfway to the 5th wave, and no one dares to say that the peak point. It can only be speculated based on history, probably at a price point between 85K-100K.
As a reminder, the price will never rise in a straight line, and it may take 1 to 2 more sharp rises to push the full 5 waves.
So what will happen after reaching the highest point of the last wave of this round? It will definitely be a downward correction. The percentage probability of the decline is hard to say at this time. We need to wait until BTC reaches the top before estimating it.
Another important point is that the situation of BTC will lead the overall cryptocurrency to a positive upward state.
$BTC short term trading
BTC is currently entering an upward parallel channel, and the price has reached the top of the primary channel at 79788.
In the short term, it has a 50% chance of falling and then reaching 73764 (I marked it with a red line), and then rising again. This process may take 5-10 days to complete, which may be the theme direction of next week.
73764 is also a difficulty that BTC encountered in March 2024. Now it has become a strong support line to defend the price.
Of course, there is also a 50% chance that the market will not comply with the parallel channel at all and rise directly. In this regard, we must keep an open mind.
The above is the medium-term and short-term situation of BTC.
I hope my analysis will help your own trading analysis.
Happy Trading!
Hope the bull market will reach new highs every day. See you next time.
