Four months ago (June 07, see chart below) we published a post on Bitcoin (BTCUSD) calling it an 'Unpopular opinion' as despite a on ongoing rebound in May, we signaled a correction as, based on the long-term Channel Up since November 2022, it was technically possible to see a pull-back below the 1D MA50 (blue trend-line) and then extended consolidation until a potential bottom on the 1D MA100 (green trend-line):
Even though the Channel Up had to be readjusted, the price action delivered the exact pattern of the previous 6-month (April 11 - October 16 2023) consolidation and almost tested the 1D MA100, forming a bottom on August 04 2024.
The similarities between those two fractals are more evident on their 1D RSI sequences. This shows that right now we could be before a break-out similar on the October 16 2023 candle. Regardless of that, it appears that the new Bullish Leg of the 2-year Channel Up is accelerating and a new High above 66500 would confirm it.
We have had 3 major Bullish Legs so far, more or less around the same levels (+92.27% to +101.57%). So a bad case scenario would be to see a +92.27% rally from the August 04 Low, which would still give us a $94500 Target.
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