Bitcoin is slowly but surely trying to move to our 30k target. It is slow, it will hit resistance at 29.9k, but it might be the short term target it is eyeing, as explained in Will Bitcoin Move Back To 30k? But the key point for investors is that crypto is NOT in a runaway market currently. It is a bounce in the context of a longer consolidation. So, ‘buy the next dip’ is the strategy we prefer going into 2023. Talking 2023, here is a really important date in the context of the long term crypto trend: Jan 1st, 2023.
Last week, we observed how trendless BTC currently is. In Bitcoin’s Most Trendless Period In History But For How Long we wrote:
We got a turning point the USD, about a month ago. There was an almost instant reaction in ETH but not in BTC. Will BTC react with a delay? It might be, but it should happen not later than in the next 10 trading days, is what we see on the chart.
We still did not get any sign of life in BTC. Time is ticking, ETH did react to the upside but BTC is lagging. The summer rally will not last forever.
However, there is an interesting short term and long term observation on the BTC chart.
Short term, we can clearly see how BTC is trying to move in this rounded pattern. The first target of this pattern is 29.9k. Moreover, it needs to accelerate its move higher the coming days. Bitcoin’s summer rally might happen next week and it could mark the end of the summer rally in crypto. We expect volatility to pick up going into Fall.
Long term, however, there is an even more interesting observation. Look at the triangle pattern that the chart is creating (please focus on the red trendlines). Both trendlines coincide on Jan 1st, 2023. No coincide, there is an additional reason (which we won’t cover in this blog post) why it’s an important date. In fact, there is plenty of evidence why Jan 1st, 2023 is a key date.
That said, we are not predicting a specific price point for Jan 1st. All we are saying is that the date is key and we need to evaluate price as we get closer to that date.
Our strategy will be to accumulate the tokens that showed interesting setups during this summer rally. We have not been chasing acquiring new tokens, we have focused on making our selection! This is going to be much more profitable over the long run that acquiring tokens at this very moment in time.
We sent a really important crypto alert (on Friday Aug 12th) to premium members with a short list of tokens that are candidates to become the next unicorns in crypto, the multi-bagger type tokens, on a 12 to 18 month time period.
