#Bitcoin Weekly Technical Analysis by Cryptorphic, Target $155k!

10 Jun

Overview:
This analysis looks at the historical and projected price movements of Bitcoin (BTC/USD) on a weekly chart.

Historical Price Movements:
1. First Major Rally (2016-2017):
- Growth: 4,499.77%
- Price Increase: From ~$430 to $19,439
- Duration: 86 bars (602 days)

2. Second Major Rally (2020-2021):
- Growth: 1681.18%
- Price Increase: From ~$3924 to $69,889
- Duration: 95 bars (665 days)

Current Trends:
- Current Price: $70,004.70
- Support Levels: $44,532,$52086, $60200, $68300 (Immediate support)
- Resistance Levels: $73,000.00 (immediate), $138,000-$155,000 (projected)

Moving Averages:
- Purple Line: 20-week moving average
- Pink Line: 50-week moving average

Future Projections:
- Potential Target: $138,000-$155,000
- Critical Date: April 2, 2024
- Trend Analysis: Watch for a breakout above $75,000.

Conclusion:
Bitcoin shows strong bullish trends. A breakout above $73,000 could signal another major rally. Monitor the 20-week and 50-week moving averages for trend confirmation.
Simple maths, Fractals and all the data from indicators suggest Bitcoin is poised to hit 100k+ by EOY.
SO AVOID THE NOISE, LOOK AT THE BIGGER PICTURE!

Disclaimer:
This is for informational purposes only and not financial advice. Conduct your own research before investing.

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Thank you

#PEACE