I no longer expect new lows for $BTC — I believe the bottom may already be in place, and here are the reasons:
First, the price broke above the previous swing high, which may indicate a change in the market structure on the larger time frame. If the price continues to hold this structure, bearish expectations may need to be reassessed.
Second, when comparing this structure to the previous cycle, some similarities can be seen in the bottom-formation range, followed by the upside breakout and the gradual shift in momentum in favor of buyers.
Third, the timing factor. About 360 days have passed since the $126K high was recorded, and with October underway, this scenario suggests the downtrend phase may be approaching its end.
But nothing in the market is certain. 📊
There may be an opportunity to build a position gradually, but it’s best not to chase the price or ignore risk management.
Watch the price action, define clear invalidation points, and DYOR. 🔍
First, the price broke above the previous swing high, which may indicate a change in the market structure on the larger time frame. If the price continues to hold this structure, bearish expectations may need to be reassessed.
Second, when comparing this structure to the previous cycle, some similarities can be seen in the bottom-formation range, followed by the upside breakout and the gradual shift in momentum in favor of buyers.
Third, the timing factor. About 360 days have passed since the $126K high was recorded, and with October underway, this scenario suggests the downtrend phase may be approaching its end.
But nothing in the market is certain. 📊
There may be an opportunity to build a position gradually, but it’s best not to chase the price or ignore risk management.
Watch the price action, define clear invalidation points, and DYOR. 🔍
