Bitcoin: $90,000 In 2024
Summary
TLDRThe 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.
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