Bitcoin: $90,000 In 2024

Summary

The script discusses Bitcoin's approach to a significant target price near $72,000, supported by meta signal setups and HPDR analysis. It suggests a potential breakout from the $60,000 to $70,000 consolidation phase, with the median HPDR at $71,200 aligning with the target. The video also touches on the historical tendency of Bitcoin to close positively on Mondays and the possibility of a bullish pattern confirmation. The speaker anticipates a decisive movement in the coming weeks, with technical indicators hinting at an upward trajectory.

Takeaways

• 🚀 Bitcoin is approaching a significant target price of around $72,000, which is part of a larger meta signal setup from early July.
• 🎯 Targets one and two have already been met, and the focus is now on the short-term and medium-term analysis, especially in relation to the HPDR (Histogram Price and Volume Relationship).
• 📉 The HPDR analysis suggests that Bitcoin is likely to test its median line, currently at $71,200, which aligns closely with the target from the meta signal setup.
• 🔄 A break above the median on a weekly closing basis could catalyze the next major breakout for Bitcoin, potentially ending the four-month consolidation period around $60,000 to $70,000.
• 📍 If the breakout does not occur, there's a possibility of a pullback to a higher low, possibly around $62,500, which is the bottom end of the 382 level.
• 📈 The HPDR is showing signs of a potential upward movement as the histogram is about to cross into positive territory, favoring a break above the current resistance.
• 🌟 Mondays have historically been strong for Bitcoin, with a 66-67% probability of closing positively and an average positive return of over 3.5%.
• 📊 The script also mentions a descending broadening wedge pattern, which, if confirmed by a breakout above June highs (around $72,000), could imply a target as high as $90,000.
• 📈 Weekly momentum indicators are suggesting an upside continuation, with the 5-day Jewel and 5-day RSI showing bullish signals, and the weekly RSI approaching the bullish control zone.
• 📅 The script anticipates significant price action within the next 10 days, with a higher probability of a breakout occurring within the first 5 days of this period.
• 📝 The speaker also promotes a crypto school with a sign-up deadline approaching, indicating it's a time-sensitive opportunity for interested individuals.

Q & A

What is the current status of Bitcoin in relation to its target numbers?

Bitcoin is nearing its target number three, which is just under $72,000. This comes after target numbers one and two have already been met.

What major meta signal setup is being discussed in the script?

The script discusses a meta signal setup that fired off about a week and a half ago, which is closely related to Bitcoin's current trajectory and its approach towards the target numbers.

What is the significance of the median in the HPDR analysis?

In the HPDR analysis, the median is a significant level that Bitcoin is being magnetized towards. A test of this median, currently at $71,200, is likely in the coming weeks, which aligns with the target number three from the meta signal setup.

What does a break above the median in the HPDR analysis imply for Bitcoin?

A break above the median in the HPDR analysis, specifically a weekly closure above the median, is likely to catalyze the next real breakout for Bitcoin, potentially ending the four-month consolidation around the $60,000 to $70,000 region.

What is the potential downside if Bitcoin does not close above the median?

If Bitcoin does not close above the median, there is a possibility that it could come back down for a higher low, possibly around $62,500, which is the bottom end of the 382 level.

What is the significance of Monday in the context of Bitcoin's trading patterns?

Monday has been identified as the most likely day to close positively from open, with a 66-67% probability. This has been validated with historical data, suggesting that a positive close on Monday could push Bitcoin towards new highs.

What is the Monday strategy and how does it perform historically?

The Monday strategy involves opening a position at 00 UTC on Monday and closing it at 10:00 a.m. UTC on Tuesday. Historically, this strategy has a winning probability of just above 51% and an average winning trade of about 3.5%.

What is the descending broadening wedge pattern mentioned in the script?

The descending broadening wedge is a technical pattern marked by the same highs followed by descending lows on declining volume. This pattern is not confirmed until a breakout above the highs of June, which is about $72,000.

What is the potential target if Bitcoin confirms the weekly close above the median HPDR?

If Bitcoin confirms the weekly close above the median HPDR, the top side of the HPDR on the weekly, which is currently at $86,000, could be a target. This could also be the first week Bitcoin closes above the median since April.

What are the implications of Bitcoin's 5-day and weekly momentum indicators?

The 5-day and weekly momentum indicators are showing positive signs. The 5-day Jewel is continuing with its upside momentum, and the 5-day RSI is reaching for the bullish control zone. The weekly momentum is also expected to continue to the upside, suggesting a bullish trend.