Will bitcoin go back to below $100k before it reached past $105k or $106k? The bottom is $93k but if bitcoin were to retract it might not go that low or am I wrong?
I am not a shot term holder but I love discussing things like this from the technical point of view. I don't see the price going below $100k anytime soon even though there have been many analysts suggesting that lately merely because of the minor retracement. My reason is that next month is the end of the second quarters of this month and we are not yet close to my expected h9gh of this market cycle which is expected anytime from fourth quarter. Therefore, it is my estimation that price will gain at least 15% between now and the third quarters before the last quarter will record a massive move to the peak. This is my sentiment, market will still do it's thing and there is nothing anybody can do.
Your argument is also quite strong that since we are not near the expected high speed of this market cycle and usually see a significant uptick in the fourth quarter, it is unlikely that we will fall below $100,000 in the near future. However market movements can be unpredictable and it is not uncommon for small retracements or price corrections to occur in the short term. The market will move at its own pace and no one can predict it with certainty.