Looking back to around 2012-2013, the largest and fastest moves in Bitcoin seem to be occurring within this parallel channel on the logarithmic chart. Since the recent low (Nov 2022), price seems to still be following the upward trend, but has fallen below the resistance of this long-running channel.
I believe if BTC's price can break back into this channel, we could see large, powerful movement to the upside.
However, things are similar on the contrary- A strong rejection at this point could drive prices back towards the 2022 Low of around $18,000.
My crystal ball rolled off my desk this morning and is broken, so I cannot say for sure what the outcome will be, but I will certainly be watching.
I believe if BTC's price can break back into this channel, we could see large, powerful movement to the upside.
However, things are similar on the contrary- A strong rejection at this point could drive prices back towards the 2022 Low of around $18,000.
My crystal ball rolled off my desk this morning and is broken, so I cannot say for sure what the outcome will be, but I will certainly be watching.
- Bryan G.