I've been sharing my method of tracking the crypto market through BTC uptrend channel that's been in place since late 2022. While it might seem rudimentary, I still believe it's worthwhile and continues to provide reliable signals.
Here's what I'd like to point out regarding the current volatility:
1. Good news: BTC price is still within its linear uptrend channel and receiving pretty solid support, today BTC price increase is proof of that. This allows us to continue observing the market with confidence and expect a new ATH.
2. Bad news: BTC is no longer fluctuating normally like it did in the previous 2 years. If it were fluctuating normally, BTC should be at a $140K peak right now instead of re-accumulating in the $80K price zone. This phase reversal could be an early signal of a trend reversal before we see BTC price in the 6x or 5x price zone.
So, what's gonna happen? I don't know, I can't say for sure. I can only point out 2 scenarios I'll be watching for confirmation:
1. Positive scenario: BTC price will surge to $140K in the short term to make up for the growth delay.
2. BTC price will fall out of the uptrend channel and plunge the whole market into chaos, similar to the May 2021 event, before recovering to the $150K-170K zone by year-end. I'm not hoping for this, I prefer stability and altseason having a chance to explode mid-year.
Anyway, we've got to be prepared for anything. At least, I have a few criteria like that to keep an eye on and act when needed.
What's your take on the market? Do you think the BTC price will go up or down in the next few weeks, and what's the target for that move?