Today, I'm reviewing a bit about the long-term price trend of BTC
Like previous posts, my assessment remains unchanged
In the monthly frame, BTC has completed an upward wave from 20K to 120K based on Elliott wave theory
Since the bottom of the price wave, it has increased 6 times, we have entered a long-term correction phase of BTC. From the price level of 126K, organizations and whales have begun to take profits, of course, there are still signals to buy in to stabilize market psychology.
Currently, the price is fluctuating in the range of 85K_90K, with a strong resistance level at 80K. In my opinion, 80K will be a temporary short-term bottom, and the price will bounce back around 100K_105K. Whales will pull the price back to this range to offload their holdings bought at the previous price levels of 83K_85K.
When BTC rebounds to 105K, altcoins will also soar, but the amplitude will not be strong. They have accumulated a large amount of altcoins during the time when altcoins were in a bad state recently.
This move helps whales accumulate a lot of BTC from small investors who are buying altcoins FOMO along the BTC/altcoin trading pairs.
When BTC reaches the target price level and moves sideways, altcoins soar. A series of good news is released such as: changing the Fed chair, BTC is about to have a new ATH, altcoin season has arrived... causing investors to FOMO strongly.
Here, the price of BTC will form a classic head and shoulders pattern, whales will offload heavily, and the price will be pushed down to 60K. Small investors holding altcoins waiting for xxx to come back to shore will almost be stuck, unable to react in time and incur heavy losses.
Altcoins are tools for whales to extract more from retail investors.
At the price level of 60K, BTC will accumulate again and rise to find a new peak.
👉 Action: Wait for BTC to bounce back around the range of 100K_105K to close all altcoins and long positions. Hold 50% BTC + 50% USD to maintain the best position. If BTC continues to soar, I still have holdings; if BTC drops, I have money to buy more.
This is my personal opinion, if you have any thoughts, please leave a comment!
