It is going slowly in the crypto market in recent months, particularly in Bitcoin. Since the 2nd week of May we only had one rally which took 2 weeks, that’s it. All the rest of the price action since then is meaningless. Yo-yoing price action is frustrating for most investors, and as per our 50 crypto investing tips many drop off during a consolidation. Our Bitcoin forecast is partially materializing, our XRP forecast is even slower in materializing. But is there maybe somehow, somewhere, some positive development?
We believe the answer to that question is YES.
Yes, there is progress. It may be slow, but there is progress.
The way to unlock the progress is by zooming out, by looking at the bigger picture.
It is so easy to get caught up in the charts with short timeframes that everyone throws at you on social media, financial articles, crypto news sites, and the likes.
But keeping the bigger picture in mind is the single most important thing any investor in any market has to do.
The bigger picture BTC chart shows a giant, really giant reversal over more than 2 years.
There have been lots of areas of ‘tension’ on this chart, and these areas take a lot of time to overcome.
Right now it is clear from this chart that there is one, and only one, last hurdle to overcome: 12.5k USD in BTC. It’s the last wall of resistance.
Note that BTC is closely linked to global financial markets. In case the S&P 500, and its peers, decide to move lower in the next few weeks and months we might see another selloff in BTC.
We are not forecasting this, we are only laying out a bearish medium term scenario. Always look at the flipside of your investing thesis, as a bull you have to understand when the bearish case comes in.
For now, benefit of the doubt to the bulls and their ability to test the 12.5k USD a few times before it breaks.
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