Hello everyone!
Today I will be discussing the amazing, but over-exuberant price action we have been seeing recently for for Bitcoin.
I’ll be discussing my posts from the last few days, including the Money Flow Index, Fibonacci Phases, and the MVRV-Z score combined with Fibonacci.
The ETFs have nothing to do with this, the cycles told us this was coming!
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Quick Summary
Price action is in a clear parabola, but still looks good with new attempts at breaking the yearly highs
ETFs were a narrative attached to price action after it started to rise, the masses have spoken again
At the 25k lows, everyone was screaming for a recession and some even a return to 15.5k. Since all been forgotten
Data like the MVRV-Z score told us this rise was coming during 25k, which I covered then
We have entered phase 5, which tops at about 45,500. I believe price will overshoot this target as it has in the past
My target range is between 47 - 49k at the highest
A likely area for a pullback is 31 - 32k where the Magic Bands Level 1 sits, long-term holder cost basis 150% and important support
The MVRV-Z score still says we have room for growth but things are starting to get overheated as we approach the red zone
Money Flow on the weekly says that price has gone full-blown parabolic, for the first time since the last cycle top
Cycle 2 did not see a move to the 91 value, with a smooth curve all the way to the top
All moves to the 91 value line have had more positive price action in store, and other data agrees with this
