BlackJack3D
- My initial bullish thesis for Bitcoin reaching $117,000 was based on Trump’s potential crypto presidency and bullish chart patterns, but it fell short.
- Despite Bitcoin reaching all-time highs above $109,000, recent trend failures and a drop below $80,000 necessitate reassessing portfolio positions for potential further downside.
- Indicators like Standard Deviation channels and MACD suggest more room for Bitcoin to fall before reaching oversold territory, prompting a rating reduction.
- While intermediate-term charts show potential for a reversal, I maintain a “buy” rating but caution against large positions due to rising volatility.
When I last covered Bitcoin (BTC-USD), on October 20th, 2024 with my article “Bitcoin: The Path To $117,000”, the king of cryptocurrency was heading toward major long-term resistance levels near $73,900 (price regions marking the historical highs from early March 2024). The Income Machine is driven by market analysis from strategies covering more than two decades of trading experience successfully navigating through a broad variety of asset classes.
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