So when do we think the next breakout to the upside is going to happen?
We seem to have been stuck in a tight range of $115,000 to $120,000 for a while, even though it hasn’t been long at all. I must admit, I didn’t enjoy the dump during the last 24 hrs.
I think once we chip away at and eventually pierce the ATH of $123,000 we will run for a while, possibly touching $140,000. Maybe we stay in this range for another 2-3 weeks before we explode upwards.
The only thing that’s certain is nothing is stopping this train from hitting between $150,000 and $200,000 before the end of the year.
Yeah, I noticed the market's been consolidating around $115k to $120k, and it's kinda like a normal routine for Bitcoin to hover around a particular range before making the next big move, I mean it was like that before finally hitting above the last ATH. While the recent dump might have been a bit of a rollercoaster, I'd like to think of it as a reminder that volatility is an inevitable part of the game.
Your analysis makes sense, if Bitcoin manages to pierce through the current ATH, it might potentially trigger a run up, but we can't say for sure how far it's gon run, it could be $140k, less or even more. Predicting Bitcoin, especially within the short term can be challenging, and you might wanna do so with your fingers crossed lol, but really, nothing is impossible, I've seen Bitcoin in the past making some crazy surges and even if it's true that past performances may not always guarantee future outcomes, there's absolutely no doubt it'll likely do the same in the future, I mean, it always does.
I also think that looking at repeated fluctuations that have happened in the past helps us understand what is going to happen next.
The good thing about Bitcoin with its long history is that it allows us to access a lot of history of fluctuations and predict the future by examining repetitive patterns on the chart.
Although I have always said that nothing is 100%, the probability of something happening that has been repeated several times before is higher.
That is why people here (at least me) do not get too excited about fluctuations, whether positive or negative, and look at the overall and long-term trend.