Bitcoin (BTC) Likely To Climb Back To $4,000 But Downtrend Remains Intact
Bitcoin (BTC) is still in a downtrend but it has now bounced off the bottom of the descending channel it is trading in. This is why BTC/USD is expected to at least climb all the way back towards the top of the channel before beginning another wave. A lot of indicators on higher time frames indicate that this might have been the last wave down for the next few months, meaning that we have reached a bottom but a double bottom will likely be formed in the next few months. It is thus very probable that Bitcoin (BTC) will climb back towards $6,000 before it falls to form a double bottom again. Even if Bitcoin (BTC) is due for further downside short term, it will at least have to reach the top of the descending channel.
If Bitcoin (BTC) climbs back towards the top of the channel, it will reach a price close to $4,000. After that, we will have to see where the price can continue to rise or if it faces rejection at the downtrend resistance and falls back into the channel to possibly form…
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