🚀 Wave 4 Started – How low will Bitcoin drop?

Author

Markus Thielen
January 14, 2024

👇 1-10) In our Dec 29 note, ‘How should traders position themselves in the uncertain ETF approval period’, we featured a triangle pattern that tends to predict a +/-10% move in either direction. While we got the rally, this triangle pattern often indicates a retracement back to the breakout (44,000).  

👇 2-10) On the first Bitcoin ETF trading day, when inflow expectations were high, Bitcoin rallied to 48,500, the projection from the triangle break-out and the 2-3 year average price level for investors and is often seen as resistance.

👇 3-10) Bitcoin has also seen significant retracements after the December 2017 Bitcoin Futures launch, the Coinbase listing in April 2021, and the October 2021 Bitcoin ETF based on the Futures launch. It is, therefore, expected to see some market fatigue.

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