Bitcoin- The Good, The Bad and The Ugly

As I mentioned in my previous posts, I am bullish on Bitcoin and expected a break above $71,000 with a rise to at least $85,000.

However, I always consider multiple scenarios.
In this post, I want to discuss all the potential outcomes I foresee.

The Good Scenario:
As shown in the chart, although the price dropped again from the all-time high resistance, the bulls have strongly defended the $67,000 support level that I've been emphasizing. If the price recovers and reaches the resistance level again, it is likely to break above, targeting at least $85,000.

The Bad Scenario:
In this scenario, the bulls fail to defend the $67,000 support zone. If this happens, the price will likely drop to the $60,000 zone.

The Ugly Scenario:
In this scenario, all the price action since mid-March could be viewed as a long distribution phase. If Bitcoin also loses the $60,000 support, we could see a significant decline, potentially down to around $45,000.

تعليق:

I hoped for the good scenario but expected the bad.
Now I'm afraid of the ugly scenario