In this week’s post, we’ll closely examine Bitcoin, which had a significant rally over the past few months but has experienced a downturn over the last 8 weeks, resulting in a peak-to-trough decline of 23%.
Several weeks ago, we discussed Bitcoin on X, anticipating this correction.
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A weekly chart of Bitcoin since 2023, displayed on a logarithmic scale, reveals interesting trends. Notably, there’s a 7-year-old trendline (violet) that triggered the pullback in Bitcoin after the price tested it. Currently, Bitcoin has retraced back to the red trendline, which was part of a trend channel that prices respected in 2023. There’s a good probability that Bitcoin could find support here and resume its upward trajectory to reach new highs. The first target on the upside would be $80,000 (orange line), a psychologically significant number in the market.
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The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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