This level is of key importance as it remains untested, meaning that there will be significant buying liquidity from the Bears waiting for a retracement now as it’s the next key support underneath where we are now on higher time frames, assuming we lose momentum here and look below the 2021 High’s over the coming months.
On the other hand, assuming the US FED keep seeding the narrative of a “Soft-landing” when it comes to Inflation and we don’t see any unforeseen macro-economic shifts in sentiment pertaining to the notion of a recovery coming out of the Inflation crisis in the eyes of the masses, it’s not unfathomable to consider whilst subject to continued Bitcoin ETF bidding reaching new high’s in terms of Volume that we could see us continuing to hold the previous cycles highs as support for a while longer before making the next leg up. In this scenario, we would need to instead of using Fibonacci as a retracement tool (as discussed in last month’s analysis) we would be using Fibonacci’s extensions to inversely predict the upside potential. In such a scenario, we could see us soaring to the next psychological level above; The first Fib extension at the 1.618 level, with a whopping $102,072 price to go along with it.
While you can see the earlier cycles slammed through the first Fibonacci extension with ease, with subsequent Bitcoin expansions it has met resistance shortly thereafter due to mathematical laws that as it grows in Market cap exponentially from the millions, into billions, into trillions it will become increasingly more difficult for it to grow at the same rate, due to the immense amount of capital needed to sustain that very same rate of increase becoming increasingly more difficult. In turn, this is why each new Bull market nets a lower and lower rate of return compared to the previous cycles that have come before. Charting these cycles logarithmically in contrast with each other is also something we will look at here at Stormrake in further Analyses as this Bull Market progresses.
With a bright future ahead, use this moment of respite in the market to reach out to us here at Stormrake and take advantage of our Special Halving Offer in which we have a whopping 50% Off on all BTC Orders between now and when the halving is due to take place in approximately a week’s time.
Tick Tock Next Block!
Create a brokerage account today
Reach out to us at Stormrake for further market insight and allow us to help you navigate the sea of mania and laser-eye memes, so that you can realise your goals in the market!
No Advice Warning
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
