Bitcoin Peaks at ~48,000/BT Target; Projects Pullback to ~38,400/BT Before Next Rally.

01/13/24 – “Bitcoin & Ether spiked up with Bitcoin reaching its ~48,000/BT target, setting its highest daily close at 47,985/BTH (47,108/BTC) on January 8 and fulfilling its multi-month buy signals from mid-September ’23 & mid-October ’23.  It dropped from there, leaving intact its highest weekly close (in Dec ’23) that perpetuated an ~8.5 – 9-month/36 – 38-week high-high-high-(high) Cycle Progression.

These peaks offered the ideal place to lighten up on longs in anticipation of a decline back toward key support near ~38,000/BT.”

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Bitcoin & Ether continue to fulfill for major advances from their Nov ’22 lows (projected multi-year lows) into late-2023/early-2024.  Bitcoin’s September buy signals projected an overall surge, capable of spiking as high as ~48,000/BT before a 1 – 2 month peak would become most likely.  That has been reached as multiple upside objectives have also been attained.

That set the stage for a quick, sharp correction in Bitcoin, capable of reaching ~38,400/BT in a short amount of time – the level of the November ’23 high and a key level of ‘resistance turned into support’ as well as monthly support… followed by a new surge into February 2024. (See latest publications for specific targets and details; Refer to January 11, 2024 The Bridge – Crypto Currency War Continues for updates on overall outlook and potential for additional rally into February/March 2024.).

 

Will Dollar Rally (from Late-December Cycle Low) Weigh on Cryptos?

Why Should Bitcoin Test & Hold Support Near 38,400?

What are Next Upside Objectives for Cryptos?

   

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.