End of bull run? Price targets and speculations

2021년 4월 20일

Taking the ATH and the lowest it reached during the flash crash, we can see the fib retracement showing us few meaningful points.

Firstly, bitcoin struggled to get pass 382 zone and barely hit the 236 zone on the 4 hourly, where it instantly dipped again. This confirmed that bitcoin just lack the buy volume to push it further, and so our bear price target would be around the 0 zone, 53500 usd ish. On the unlikely side that it spikes up, the next key points are the fibonacci zones (57k, 59k, so on and so forth).

The following text would be my speculation, and not based on chart or technical analysis.

Bitcoin's bull run is far from over, at least not until the interest rates recover, but right now bitcoin lack the news and media support to push the price up. Currently the media is all over doge, and with many social media influencers (youtubers, twitter, tiktok, etc etc), doge is on fire. Lots of Gen Z's are blind buying doge, attracting media, thus attracting more influencers, influencers attract boomers, and cycle feeds itself. Doge is halting the price movement of bitcoin, once the news die down, i believe bitcoin can see a price push to ath.

Not a financial advise