We are observing a potential repetition of the May-June period. Bitcoin has just activated its complete long-term sideways consolidation range. When the lower boundary of this range is triggered, indicating support, it is highly probable that we will witness a market reaction in the opposite direction. Refer to the green zone on the chart, as from this juncture, prices are expected to begin rising.
There exists a possibility of a slight decline, albeit marginal. This decline could occur gradually or suddenly. It is indeed a possibility. However, our current focus is on a rapid, robust recovery. In other words, we are anticipating that prices will not drop further while simultaneously being prepared for the eventuality of a decline.
Given that we maintain a comprehensive view of the broader market, a prolonged or significant retracement does not pose a concern, as we are confident that the market will continue to ascend. Rather than adopting a SHORT position at this juncture, which could lead to a loss of concentration, we prefer to wait for support and take a LONG position.
With $110,000 already established as a strong support zone, we remain active. Presently, $110,000 is evidently acting as resistance since market activity is occurring below this threshold. It is crucial to keep the following points in mind as you continue reading.
What Bitcoin is currently engaged in is consolidation. One can concentrate on Bitcoin, monitor its movements, and inadvertently lose sight of the altcoins, which may continue to appreciate even during Bitcoin’s consolidation phase. This is my next objective.
I will present numerous altcoins that are currently experiencing bullish trends, particularly over the last three days, and sometimes even longer. Simultaneously, the chart illustrates how Bitcoin has been trending downward since the middle of this month. This discrepancy foreshadows what is to come.
A bearish movement from $120,000 to $80,000, for instance, would represent a significant correction of bear market proportions. Should this movement begin to materialize, if it were to occur, the altcoins would either surge into a substantial bull market or plummet significantly more than Bitcoin. However, none of these scenarios are unfolding at present.
As Bitcoin retraces within a broad range, the altcoin market continues to grow gradually, develop bullish momentum, and consolidate. That is the entirety of the situation, and I will now present some charts.
With that being said, please understand that we are clear, confident, and certain that the most significant part of the bull market is still to come. It remains early, and we have yet to experience the bull run phase. Essentially, the bull market has not yet commenced; we must await the fireworks, and following the fireworks, we will have celebrations with dance, drinks, and food, after which the bull market concludes. In this analogy, we are still in the initial stages. Patience is essential.
