The article discusses the current state of Bitcoin and analyzes various indicators to determine its future trajectory. It mentions that the Crypto Fear and Greed Index is currently indicating extreme greed, which often signals potential short-term tops. The number of active addresses is increasing, suggesting heightened interest and usage of the Bitcoin network. The hash rate, while below its all-time high, reflects miner confidence and network security. The weekly Golden Cross, a significant signal for long-term investors, previously marked the start of major bull markets and could potentially lead to gains of 300%-600%. The Relative Strength Index suggests overbought conditions but does not imply an immediate trend reversal. Fibonacci retracement levels and the Bollinger Band framework indicate potential support and resistance zones and the need for a cooling-off period before further gains. The article also discusses factors such as post-halving supply shock, increasing institutional participation, and Bitcoin's dominance in the market. Overall, the article suggests the possibility of a climb to $150K-$250K in the current bull cycle but notes that a healthy period of consolidation or correction would provide a stronger foundation for future growth.
Weekly Analysis Of The Cryptocurrency Market: Altcoins Surpass Previous Highs As Bulls Buy Every Dip