Note: This is just personal speculation, take what benefits you and leave what harms you, and you are not obliged to it.
Current situation of Bitcoin:
Bitcoin shows signs of a distribution pattern according to Wyckoff.
A double top has formed.
PSY (Preliminary Supply) has appeared as the beginning of selling pressure.
Followed by Buying Climax.
Then AR (Automatic Reaction).
After ST (Secondary Test).
Finally, a Sign of Weakness (SOW) has appeared.
So far, the chart leans towards distribution.
Expectation:
Bitcoin will continue to rise and fall within the range.
It may rise to 120k - 123k to form seemingly positive patterns, aiming to convince people to continue the upward trend.
A level of 130k is possible, but not guaranteed, and it may be part of completing the distribution pattern (UTAD) to suspend buyers.
Upward and downward movements may allow other currencies to move, possibly a (bull run).
Expected timeframe:
This scenario may form over the next three months.
Important notes:
During the accumulation phase, news is often negative.
During the distribution phase, news is often positive, which is what we are currently observing.
Caution is required, and any upcoming rise may be an opportunity for smart exit from some currencies.
There is a strong likelihood of a peak at 130k to complete the technical pattern, and these areas often attract attention and comments because they are clear on the chart.
Summary:
Close monitoring is now more important than ever, as markets may fluctuate significantly during distribution.
If the analysis fails, that's a good thing, because we want the market to continue rising.
And if it does not fail, the intention of the post is not to scare but to alert to caution.
This post is not financial advice.
