Insights

30K Bitcoin?

When we broke below $43K all bets were off as to whether $40K would hold. As of the time of this writing a severe break below $40K was soundly rejected and the short term bear market has begun. As the coming days illuminate which way BTC will head, we have a strong indicator that $40K will hold and in the coming weeks we will push past $50K. The amount of downside selling pressure looks to be exhausted and this may cause market sentiment to flip. 

No one wants to be the idiot who sold the bottom, and we may very well be at the short term bottom. On the weekly charts BTC looks ready to move upward and our call of BTC breaking $50K by the end of January still stands. If the call is wrong and we break $40K, then $30 is likely to be the next floor, but we will also be in a much more prolonged Bear market if this is the case.

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