On the chart, I have marked key levels of support and resistance , identified by multiple markers.
Three out of four years, BTC has declined in February and March.
There is therefore a 75% chance that although we have already seen a 50% retracement , we may see further downside in BTC this late winter and early spring .
Key levels to watch are the 30k level of support followed by 38k of resistance.
JP Morgan has predicted BTC to be around 38k mid-term due to worsening economic conditions. Any point above 38k is a rational point to sell GTBC.
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“Just looking at the metrics, the performance of Bitcoin I don’t necessarily know if it’s $19,000 or $17,000 or somewhere in there, but I do think it will at least pierce $20,000. Short term, I think you could get a small bounce in Bitcoin, maybe back to $46,000 or so. But I do think this level breaks eventually as the markets go lower,” said Soloway."