Bitcoin's Bullish Breakout: A New Era for Crypto?
Are you still skeptical about Bitcoin? Think we're stuck in a bear market? This article breaks down why now might be the time to change your perspective. Recent market movements suggest a significant shift, and we'll explore the key factors driving this potential bull run.
Breaking the Resistance: A Game Changer
The most significant development is the breaking of a key downward sloping resistance that had been in place since January. This resistance, observed since the World Economic Forum in Davos, acted as a ceiling for Bitcoin's price. The moment this resistance was broken, it signaled a potential "go time" for Bitcoin.
The Trade: Entry Point and Profits
The author highlights a successful Bitcoin trade, boasting significant profits. He reveals he entered the trade relatively close to the bottom, identifying a double bottom formation on the 4hourly candles as a key indicator. While acknowledging past losses, he emphasizes the accuracy of his previous predictions regarding the importance of breaking the downward sloping resistance.
Here's a breakdown of the impressive figures:
- Old Bitcoin Trade: $6.4 Million USD in profit, $8.4 Million USD in realized profits
- New Bitcoin Trade: $365,363,000 in profit
Potential Price Targets and Profit Taking
With Bitcoin's recent surge, the crucial question is: where could the price go next before a potential rejection or reversal? The first resistance level was identified around $87,800, coinciding with the 38.2 Fibonacci extension level. If you entered the trade based on the author's earlier postings, this level was suggested as a first profittaking area.
For those more bullish on Bitcoin, the Fibonacci golden pocket, between $96,000 and $97,000 USD, is presented as a potential next profittaking target.
Key Takeaways: Market Structure and What's Next
The bottom line is that Bitcoin has broken a crucial market structure – the downward sloping resistance that lasted for approximately 100 days. This breakout signals a significant shift in the market and potentially marks the beginning of a new bullish phase for Bitcoin and the broader crypto market.
The author encourages viewers to share the video and prepare for the next chapter in crypto.