BTC: Thing Remain Unchanged?
I have kept my counsel for a while now and said nothing. It is not that I have nothing to say but that I have been repeating myself for a while. Fear and Greed are back up to 73, meaning Greed is in the market. BTC is just over $68k. Enthusiasm is now in the air, but something lurks in the dark. As of the time of writing this, BTC was at $67,827. I have said in earlier posts that prices between $68k and $72k represent an area of supply. In other words, investors are selling at these prices. The current cycle indicates that BTC will reach a price of $70k. At this price, expect a fall. One reason is that the cumulative short liquidation leverage is around the $70k mark.
Having said all that, I will conclude by reminding everyone that the BTC price will not take off until it breaks the $72k mark. On attaining the $72k mark, you can expect $74k and then $77k. And as for the ultimate price range, I posit just over $120k. Some have argued for a higher price, but $120k is more reasonable. As exciting as it all is, your guess is as good as mine.
