BTC reached a maximum of 118,869 today, which is a bit beyond my personal expectations for the short term. However, this is a good thing. Back in April, I mentioned that the bull market wasn't over and would rise to 120,000 or even 150,000, and now it has directly broken through 116,000, indicating that we can see BTC at 120,000 in the short term.
Most of the time, the market is often in fluctuation, which causes many people to lose direction in repeated struggles and miss opportunities. What I want to say here is that opportunities always exist, and it's not too late even now. The short-term rise hasn't ended, and we should still focus on going long. We've already missed so much; do we want to continue missing the last bit?
So when will it drop? I can only say that it is still too early to determine. We need to observe the structural changes at a larger level before making a judgment.
Market Analysis
Weekly
With the price breaking through 112,000, it can be confirmed that we are currently in a weekly level uptrend. The short-term target for this weekly rise (short-term refers to before September) can be set at 125,000 to 130,000. If there isn’t a pullback of more than 40,000 points afterwards, it could rise to the range of 150,000 to 200,000 around February next year. (Based on historical patterns after halving)
Short-term
Currently, analyzing the small-level trend relies mostly on guessing. As we approach the weekend, liquidity may decrease, which could cause a slight drop (it's not certain to drop, so I don't recommend shorting). However, no matter how it drops, it will definitely rise again afterward. Currently, we can pay attention to the range of 115,000 to 116,000; when it reaches there, we can be bold in entering. Don't panic and cut losses due to a small pullback after chasing high positions.
