Bitcoin NVT prediction

20 Mac

Bitcoin NVT always double tops and the second top usually indicates a corrective move, however NVT has been in overbought conditions (above110) since 10 Jan 23. quite sometime, and hasn't even been close to the oversold level at 32, confirming we are indeed in a new paridigm. in my opinion, BTC isn't making a double top here and will continue upwards once this correction is finished. It's close if not already there. Bitcoins price corrected 3 times last bull run, from 30% to 18% at the top after rising above the .618. this would be the first corrective move after recently going above the .618 again. this is what i beleive is happening on the NVT chart according to NVT channels, Light Blue (previous NVT celing for 13 years) Red, currently in the second deviation of the red channel (BTC NVT not bound). and the yellow channel which Breaking above light blue channel has proven to now be in and a potential top for NVT as high as 231 this cycle, (it can drop reset and price can still rise) it would have to drop to below 151 ( a critical historical support and resistance ) for Bitcoin to be in Bearish conditions imo. This just means it's in bullish territory until then and a drop in NVT wouldn't reflect a price drop. This happened at the last double top when BTC broke 35k. In conclusion, Bitcoin corrects on the way up, that's what it does. I still believe BTC is headed towards the 1.618 at 102k before another corrective move resetting NVT once again off of a major support and sending BTC price higher than anyone can fathom. 256K BTC potentially this year. NFA DYOR enjooy the profits