Just watched the video and also saw your reply to my last question.
You believe that the cycle mid-top may hit $48k and that there typically is a 40% to 50% correction after the cycle mid-top. A 40% correction brings us to near the strong support level of $31k or so.
However, you also say that we may only get to about $38k for the cycle mid-top. This of course would bring a 40% correction to about $23k.
So the cycle mid-top may be extremely important as to where the eventual correction may land, correct?
It is possible that Bitcoin finds a local top though around 38k without it being the mid-top, in which case you could expect a more standard correction like 20%.
Will watch and wait to see what happens, we will talk more about a correction later.
Hi CC,
Just watched the video and also saw your reply to my last question.
You believe that the cycle mid-top may hit $48k and that there typically is a 40% to 50% correction after the cycle mid-top. A 40% correction brings us to near the strong support level of $31k or so.
However, you also say that we may only get to about $38k for the cycle mid-top. This of course would bring a 40% correction to about $23k.
So the cycle mid-top may be extremely important as to where the eventual correction may land, correct?
Cheers!
Yes it could be!
It is possible that Bitcoin finds a local top though around 38k without it being the mid-top, in which case you could expect a more standard correction like 20%.
Will watch and wait to see what happens, we will talk more about a correction later.