- Bitcoin shows consistent upward trendline since 2017, providing strong bullish reactions at each support test.
- Even in a hypothetical crash scenario, Bitcoin likely to find support around $21,500 to $22,000.
- Upcoming events such as Bitcoin Halving and potential ETF approvals could fuel the bullish run.
In the ever-volatile world of cryptocurrencies, Bitcoin has shown an uncanny consistency in respecting a long-term upward trendline dating back to 2017. Every time the price has approached this trendline, a strong bullish reaction has followed, reinforcing investor confidence.
#Bitcoin respecting the Long Term Upwards Sloping Trendline since 2017.
Everytime price has tested the trendline support it has give it a strong Bullish Reaction.
Even if we consider a (hypothetical) crash happening today, it’s quite likely that the price would still find solid… pic.twitter.com/GJ6uNzGhLk
— Mags (@thescalpingpro) September 11, 2023
So, what does this pattern tell us about Bitcoin’s future?
Even if we were to entertain a hypothetical crash today, technical analysis suggests that Bitcoin would find solid support in the $21,500 to $22,000 range. This is precisely where the upward trendline converges.
But this isn’t the only thing to be optimistic about. Upcoming catalysts like the Bitcoin Halving event and the potential approval of multiple Bitcoin ETFs are also on the horizon. Additionally, given Bitcoin’s limited supply, the scarcity factor could drive prices even higher.
To put this into perspective, if Bitcoin were to achieve a growth rate of +200% from its previous all-time high of $70,000, we could potentially see a Bitcoin price of over $200,000. While this might sound overly optimistic to some, it’s worth noting that Bitcoin has consistently defied expectations before.
In summary, while predicting the future of cryptocurrencies is no easy task, there are strong indicators suggesting that Bitcoin’s bullish run is far from over. With the combination of technical support and upcoming positive catalysts, Bitcoin could very well shatter all previous expectations.
The long-term upward trend that Bitcoin has been respecting since 2017 suggests a bullish future. Add in the upcoming Bitcoin Halving event, potential ETF approvals, and its limited supply, and we could very well see a $200,000 Bitcoin.
