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Tuesday, June 25, 2024

The only chart you need to look for bullish in Bitcoin

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Forbes magazine has published a new article about the latest situation in Bitcoin. Accordingly, the formation required for a new rise in BTC has now begun to form. It also answers the question of whether it has bottomed out.

Forbes magazine evaluates the latest situation in Bitcoin through a new article. First of all, it is noted that there is an uncertainty in the BTC and crypto money market. It is stated that many investment tools, charts and formations may not work in such an environment.

The most curious thing in the current environment is whether the Bitcoin price bottomed in the $20,000 region. Because if the answer to this question can be given, the next steps will begin to become clear.

A chart from 2018 below helps answer these questions. A new signal has started to form on this chart.

This chart from 2018 shows a big move in price after volatility died down. This event happened exactly four years ago, and four years corresponds to a full halving cycle period.

Where are we now in this formation?

Once again, there was a similar squeeze in the Bitcoin price as in 2018. Because of this, Forbes analyst states that an explosion will occur soon. However, the analyst warns. You shouldn’t try to catch the next step right away. Because there is still a possibility of a sharp drop to $10,000. A drop here will give a buy signal. Thus, it will be a good position for the rise.

2022 bitcoin chart

Of course, the bottom of $10,000 also depends on the crazy steps the Fed will take. Also, the war between Russia and Ukraine, which shook the world and the financial sector, will be decisive here. The dangers of buying dips at $20,000 are also pointed out in the aforementioned article of Forbes.

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Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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