Crypto Market Analysis
Another example of my terrible drawing skills.
The leftward most vertical line indicates the BTC halving event (note: numerous other coins will be having their own halving events around this time as well) and the rightmost vertical line indicates the estimated top of the upcoming bull market.
The red horizontal lines are lines that coincide with areas of high buying or selling volume and could pose as support and resistance levels. The levels I chose for ATHs are a bit arbitrary, I stuck to round numbers. I think that before the 2017 bull run, most would have probably said that BTC would top out at 10000, since it's such a round number, but the event of BTC futures and FOMO drove it to twice that amount at 20000. The same could happen where we move from an ATH crypto market cap of around 850-900b to nearly 8-10 trillion (where people think will be the top), and then spike vertically to 13-18 trillion. That is TOTAL speculation on my part.
It seems irrational at this time, but we have to remember that these highly volatile speculative markets don't decide price based off of rationality or even "intrinsic value". 😅
The leftward most vertical line indicates the BTC halving event (note: numerous other coins will be having their own halving events around this time as well) and the rightmost vertical line indicates the estimated top of the upcoming bull market.
The red horizontal lines are lines that coincide with areas of high buying or selling volume and could pose as support and resistance levels. The levels I chose for ATHs are a bit arbitrary, I stuck to round numbers. I think that before the 2017 bull run, most would have probably said that BTC would top out at 10000, since it's such a round number, but the event of BTC futures and FOMO drove it to twice that amount at 20000. The same could happen where we move from an ATH crypto market cap of around 850-900b to nearly 8-10 trillion (where people think will be the top), and then spike vertically to 13-18 trillion. That is TOTAL speculation on my part.
It seems irrational at this time, but we have to remember that these highly volatile speculative markets don't decide price based off of rationality or even "intrinsic value". 😅
