Is 2024 Set to Be the Toughest Year for the Crypto Market ?
Technical Analysis:
Right now, the market's showing signs that might point to a 'cup and handle' pattern in the price charts. For those who aren't familiar, a cup and handle pattern looks a bit like a "U" with a slight dip at the end. Not to get too bogged down in details, but interestingly, in early January 2024, Bitcoin's price hit a ceiling around the same high it did back in March 2022, which was about $48,000.
From what I can see, it looks like Bitcoin might be on a bit of a downward trajectory in the short term. I'm thinking we might see the price retract to around the 30K-34K area in the next few weeks, which could be a point where more buyers jump in. However, this is something we need to watch closely because that range might just turn out to be a support level.
If the price falls through that 30K-34K range I mentioned, then I'm expecting it could drop even further, maybe hitting a new low (we could be talking as low as zero or around 10K).
News:
Switching gears to the news, there's something intriguing about the BRICS nations considering backing their currency with gold. My first reaction is, "Wow," because it's pretty common to want a currency backed by something as solid as gold. But the big question is how this move will affect the relationship between their currency and cryptocurrencies. If this really takes off, it could be a very tough year for the crypto market.
Summary:
For now, I'm just keeping an eye on the market's pulse and price movements. I haven't jumped into the market yet, but I'm patiently waiting for the right moment and Brics news.
Right now, the market's showing signs that might point to a 'cup and handle' pattern in the price charts. For those who aren't familiar, a cup and handle pattern looks a bit like a "U" with a slight dip at the end. Not to get too bogged down in details, but interestingly, in early January 2024, Bitcoin's price hit a ceiling around the same high it did back in March 2022, which was about $48,000.
From what I can see, it looks like Bitcoin might be on a bit of a downward trajectory in the short term. I'm thinking we might see the price retract to around the 30K-34K area in the next few weeks, which could be a point where more buyers jump in. However, this is something we need to watch closely because that range might just turn out to be a support level.
If the price falls through that 30K-34K range I mentioned, then I'm expecting it could drop even further, maybe hitting a new low (we could be talking as low as zero or around 10K).
News:
Switching gears to the news, there's something intriguing about the BRICS nations considering backing their currency with gold. My first reaction is, "Wow," because it's pretty common to want a currency backed by something as solid as gold. But the big question is how this move will affect the relationship between their currency and cryptocurrencies. If this really takes off, it could be a very tough year for the crypto market.
Summary:
For now, I'm just keeping an eye on the market's pulse and price movements. I haven't jumped into the market yet, but I'm patiently waiting for the right moment and Brics news.
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