Bitcoin Reaches $7000 - What's Next?

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m.a.ghebre
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#bitcoin #crypto #cryptocurrencies
I explain what is next for Bitcoin after it reached $7000 . Step by Step.

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Here’s a breakdown of what to expect from Bitcoin after it reached $7000. Bitcoin is still in a wedging structure just below the 2 Year Moving Average. According to the Bitcoin Investor Tool, Bitcoin is now in an area of outsized reward for investors. Below the $7200 price level is where this area is. However, Bitcoin doesn’t tend to rally beyond the 2YMA of $7200 on the first time of asking.

The $7200 is a region of rejection for Bitcoin going forward and in fact as long as BTCUSD remains under $7200, it could still see another major low within the wedge. On-chain analytics suggest this to be the case as well. Difficult Adjustments tend to precede corrections in Bitcoin’s price and we haven’t yet seen that correction. It could very well happen from the point of $7200.

Also, unrealised profit and loss in the bitcoin blockchain network tends to form Higher Lows at cheap BTC price levels. We haven’t seen that yet for BTC. In fact, we could see that and that would be in line with historical price tendencies.

It’s important to zoom out from price as short-term fluctuations in price tend to distract from the long term perspective. Anything below $7200 for Bitcoin and another major low in price could be possible.

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