Re: Why the price of bitcoin needs to re-test the $24,000 BTC mark
BTC doesn't need to do anything, I assure you.
In the event of a sharp correction however, I agree that $24K is a very interesting level, for other reasons. It's right where CME futures left a giant gap in both price action and VPVR:
So "gap fill theory" and all. There's horizontal S/R there and there was also a lot of volume exchanged, so it's a high value zone, likely to bounce hard off it. It's also a 36.5% decline from the top (assuming this top holds; not sure about that) which is pretty realistic, based on the 2017 bull market at least.
I agree that it will probably bounce back from that level, the downside is very filled, which means it would require a huge drop to reach there, and another huge drop that requires a lot of bitcoins to be sold to go even further down than that. Going to 24k is possible, I can't say that it will never happen, it could definitely happen, but I can say that going to like 19k levels or so looks nearly impossible at this point.In the event of a sharp correction however, I agree that $24K is a very interesting level, for other reasons. It's right where CME futures left a giant gap in both price action and VPVR:
So "gap fill theory" and all. There's horizontal S/R there and there was also a lot of volume exchanged, so it's a high value zone, likely to bounce hard off it. It's also a 36.5% decline from the top (assuming this top holds; not sure about that) which is pretty realistic, based on the 2017 bull market at least.
Of course we are in bitcoin world and nothing is impossible, I wouldn't be shocked to see 10k neither, even under that, because bitcoin can do anything, if grayscale ends up selling half a million bitcoins, we would see even under 4k. However we are talking about sooooo many bad things happening back to back without stop for that to happen, whereas bouncing back from 24k to being 40k is a lot simpler option we have right now, hence why I think that is a better possibility.