Since there are no vivid signals that imply an imminent super bullish market, we should not expect a dramatic rise in the prices. Although US and Europe are experiencing unprecedented inflation rates and disproportionate interest rates, which apparently can cause the market to grow as well, the governmental 10 years bond yields of US, Britain, Canada and others are implying a mid-term contractionary policy of central banks. According to these facts, the possibility of mid-term fall in market outweighs any incremental scenario above 52,000 $.
In a bearish situation, Market requires a trustable support area to bounce back. I, as a non-smart money, would love to believe the support area is the one which is publicly known, which is 29,000$ to 30,000$. However, Smart money usually behave quite opposite of normal people’s imagination and surprisingly surprise all. Plus, we have an unfilled gap in BTC CME (BTC1) at 23,500 $ which sooner or later has to be filled. That’s why a retest of 23,500 $ is not impossible at all.
On the whole, since there are no certainty in financial markets analyses, which by the way this one is no exception, It’s totally possible that due to unpredictable factors such as side effects of Russia-Ukraine war or Covid-19 stuff, non of this analyze or just a fraction of it would come true. Therefore for smarter people there is no rush. The more the total market cap decreases the more we accumulate.
be smarter and patient.