BTC Broke $50K! Here’s Where We’re Headed Next
TL;DR
Full Story
Bitcoin’s ‘golden fib’ degree that we talked about yesterday?
(The $48,550 degree).
BTC simply blew proper previous it and cracked $50,000 — making it the primary time in Bitcoin’s historical past that the golden fib degree has been damaged earlier than the halving.
“Okay, that’s cool…why ought to I care?” — you, in all probability.
Consider breaking the .618 fibonacci degree (aka the ‘golden fib’) as a starters pistol. Traditionally, as soon as it goes off — Bitcoin will get to transferring, first reclaiming its earlier all-time-high, then getting into to ‘worth discovery.’
(Aka “Holy hell, we’re in uncharted territory now — all bets are off! How excessive can this factor go??” mode).
Often, the golden fib is barely damaged after the halving (which is due on the finish of April), however because of the entire shopping for stress from the Bitcoin ETFs — it has damaged early for the primary time ever.
Want some extra context?
Right here’s our bull market test listing thus far:
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Bear market backside (occurred late ‘22) ✅
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Re-accumulation (Jan-Sep ‘23) ✅
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Pre halving run up in worth (began Oct ‘23) ✅
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Golden fib is touched, however not damaged (Jan 07 ‘23) ✅
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Value crashes 🛑
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Rebuilds 🛑
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Golden fib is damaged ✅ (Feb 12 ‘23) ← 🗺️ WE ARE HERE
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Recaptures earlier all-time-high
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Value discovery
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Market tops
See how we simply skipped 5 and 6 (the painful steps)? Fairly neat!
Subsequent on the listing is $69k (fingers crossed).
