Overall news from the Federal Government and retail/institutional adoption has been Bullish for the Market, and BTC is now testing previous levels.
The relative strength index is showing Bitcoin as slightly overbought, however the crypto space is known to “disobey” levels/readings with additional volatility . A downtrend for the R.S.I is ideal (orange line in the R.S.I chart).
Assuming the current uptrend is part of a AB-CD /measured move up, using a copied bars pattern (started from the 21st of July to the 30th of September-purple bars) BTC might see a new all time high around $70k-$75k (dashed green line) and/or slightly beyond before a cooling off stage, with a possible fall to $55k-$52k (red line) after the target is met (before continuing the Bull run). Price target could be reached by November 11th (possibly sooner assuming buyers drive the price up).
Price Target of $100k-$125k, deadline by December 31st (rounding bottom/yellow arching line). There is a strong possibly though that the bull market will be extended till mid January 2022 (alt-coin market mostly). As seen, Bitcoin is also trading nicely within classic Fibonacci retracement levels…with support at the 23% marker ($55k-%52k-red line).
resistance/ceiling at $64k-$65k (blue line)
related published Bitcoin ideas linked below:
Revised entry from September 21st. 2021:
Using a bars pattern copied from July 20th to September 6th (see image attached) a price target of $65k is also possible…and even beyond assuming the starting point it above the $34k (target that was used in the original published ideas).
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