Hey Binance Fam!
Let's dive into some long-term Bitcoin analysis!
Where are we in the cycle?
We believe Bitcoin is nearing the end of its current bullish cycle. We're likely in the final stages of the Elliott Wave impulse.
When should we consider selling?
A key indicator is the long-term trendline from 2017. This trendline has held strong for years. We recommend setting an alert on TradingView when Bitcoin touches this line. This could be a signal to consider selling.
Another important level:
The 1.618 Fibonacci extension also aligns with this trendline, around 122,069 USDT. This is a significant resistance level.
What about those crazy predictions?
While some may predict prices of 200k or 300k, we believe those are unlikely. Bitcoin's market cap is already substantial.
What happens after the peak?
Expect a significant correction (bear market) in 2025-2026. Bitcoin's wave 4 consolidation area (around 49k - 65k) could offer support during this period.
Remember:
* This is a long-term analysis and not financial advice.
* Always do your own research and trade responsibly.
Let's keep learning and growing together, Binance Fam!
#Bitcoin #BitwiseBitcoinETF #ElliottWave #Trading #Binance #Crypto
Please note: This analysis is for informational purposes only and should not be considered investment advice.