Bitcoin: The Last Correction Of 2024
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Bitcoin produced a lower high 21-October compared to 29-July. It was moving up within a rising channel and as soon as it approached 70,000 it faced strong resistance. The peak price hit on the inverted correction was 69,555 and then a minor three days drop.
Other pairs in the Crypto-giant group are also bearish. This is revealing because they move together with Bitcoin. Since they move together with Bitcoin, being bearish means that Bitcoin is also bearish. The DXY is bullish and it works against Bitcoin and thus we have another confirmation.
Some people might not be convinced even after 7 months of the same. The last bullish wave lasted 77 days but it has been more than 7 months since Bitcoin started to move lower.
It crashed to $49,000 in early August after five months of bearish consolidation. We are about to experience the second drop and this will end the correction.
After the correction is over, up we go.
The market is likely to feel Bitcoin's crash strongly, at first, but then it will recover pretty strong. Those pairs that are already low can recovery within hours or days. Those that are mid-way can recover within weeks. Those that are trading high up, can take months to recover and that's the main three variations we will get.
The crash wick can be recovered super fast but after this initial fast recovery the action will then turn slow. You will literally see Bitcoin crawling up slowly for months, say 3-5 months. Only after this major, long drawn-out bullish consolidation we will see strong growth. People will get bored, leveraged traders will get killed always expecting a big and major move, we will be watching and sharing everything that is happening with you.
The market ranges most of the time and only for short periods of time it goes into a trend. The big and easy money is made by joining this trend. A massive opportunity will open up soon, new lower prices, the lowest in years.
Get ready for 2025.
