In my last post, I said chart is a trap to limit your thinking and give you a vibe that you are king of risk management.

Many people got angry. I know. But my points are correct.

You can see the proof today. If you look, you will see many people on square posted, Bitcoin is now testing major support line of 60k, if it goes down it may go down further, if it bounces back it will hit 70k again.

So, basically, I’m gonna ask, how your analysis even helping if you cannot predict what will happen?

In fact, you should know that during a news event, support and resistance doesn’t necessarily make any difference. Markets get volatile.

Talking about long term holders, this has no impact on, literally no impact. Because the pre-halving effects and effect on halving date won’t last long.

Now let’s come to their analysis, even the analysis they are showing using chart is completely wrong.

How?

Because they are saying the major support for Bitcoin is 60k. Which is totally wrong. The major support for Bitcoin was 65k, the ATH in 2021. And the major resistance was 74k which is ATH in 2024. (I always round up the numbers to keep things simple.)

As BTC already fallen below 65k, there is no point of saying support is now 60k. Because next major support is 45k which is the ATH of January.

So if, Bitcoin was really falling, it should have fallen to 50k or 45k. I would be more than happy if this happens, as I’m gonna bag up some more BTC.

Again, during news events no support / resistance actually works! So there is no point of thinking that as BTC is below the support, this means BTC will go down and down.

My short answer for all your questions is BTC will be up. Possibly it will hit 88k or even 100k +.

Other altcoins will be more bullish than Bitcoin. That’s why I always say if you have less than 5k USD to invest, better not buy BTC and ETH. Go for smaller coins, eventually convert them to BTC.