We are after 3 weeks of almost vertical movement for bitcoin facing 100k next week, again. Pulled back a little over the week-end, but the perspective of pushing through 100k remains close enough.
It will be interesting to see what will happen next week.
There are these possibilities, in my opinion:
- a small dip to 88-90k (9-13%) then push back toward 100k
- continue the march toward 100k and pass it by a bit (either symbolically or something like 117k), then correct to below 100k
- pass the 100k threshold and keep going strongly ahead (possibly to something like 135-140k before a big correction, to remain above 100k after it)
- attempt to pass 100k again, fail, then correct
- a big correction to 77k or 74k (30-35%)
I don't think the market is in the mood for a big correction, unless it gets rejected hard or multiple times at 100k. A small dip (other than what we had this week-end) risks bringing the chart into a H&S logic. To me, the most likely seem 4, 2, and 3.
I compared the time length of a few vertical movements bitcoin had in the previous cycle with this one. They were up to 2 months in length before a major correction, but the longest wasn't as vertical as we had the passed 3 weeks.
This is the logarithmic chart of bitcoin with the periods I looked at marked with purple bars:
From the timing perspective, it is possible to have some fights between bulls and bears / profit takers around the 100k mark, with bulls eventually winning and going higher until something like mid December (or even Christmas) before a major correction. That would be consistent what happened on other occasions in December. This is all speculation, of course.
Next week I'm thinking 100k will be tested again. We will see if successful or not.
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I agree, it certainly looks like we will have another crack at 100k, especially with Saylor adding another green dot to his chart! Those are some big price movements you are predicting, so you think we are still far away from a blow off top then?
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Yes, I think we are pretty far from that, at least in terms of time. But considering the corrections, I don't know where the top will be and when a correction turns out to be the beginning of the bear market instead. But there should still be some time before I consider this scenario, at least a couple more months, but likely more.
I think BTC reaching 100K is also a psychological mark for many of us in crypto, given that it'll have arrived at 6 figures, reaching a new stage of evolution, so to speak.
On a more serious note, before a strong correction happens, BTC may probably cross 100K, given that the momentum and anticipation of reaching that landmark figure is still there.
It is most definitely a psychological mark. And I think so too, that a major correction will either follow either after the threshold is passed or due to the inability to cross it.
I always feel that BTC movements tend to surprise people, so while most people are rooting for 100k, I think a slight correction is due, maybe to 90k, before we moon again. Hehe. Just a random guess.
Yep, that's option 1 I included. Interesting! It looks like the bulls wanted to push higher today and they were pushed back.
Yup!
Indeed, it's been an exciting few weeks for Bitcoin with such sharp upward movement.
The pullback over the weekend seems like a minor pause, and breaking through 100k next week does feel within reach.
Let's see how things unfold, it's definitely going to be interesting to watch.
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I wonder if this week may be a week of break, maybe even small dip, instead of another push toward 100k (which they tried in the morning).
I think it will get past 100k eventually but there are probably a lot of sellers around that area. Then again, we might be running on the hype of a better crypto environment.
We will soon find out. I don't think it would be a breeze to go through 100k either, but it eventually will push through.
push over 100k!
Yep, sounds likely. But we will see if this week or not.
Wow! Enviable progress. Good Success!
Well, let’s see how it goes
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