$BTC Predicting 2 Bitcoin price model scenarios in April 2024....continued #2.
#2. Scenario 2: Set a new peak in April but dropped sharply after that
The second scenario proposed is based on the zigzag wave pattern popular in technical analysis. This model describes that the amplitude of the following wave will give a high probability of being equivalent to the previous wave.
If we consider the first increase in March from 50,700 USD to 73,500 USD, and the second adjustment period is from 73,500 USD to 61,500 USD, then the 3rd beat is likely to reach 84,000 USD. All three of these beats together form the basic zigzag wave.
Analyze and predict Bitcoin price scenario in April. Analyze and predict Bitcoin price scenario in April.
Regarding the technical description, if we observe all the fluctuations from the beginning of the year until now, we can see that each increase and decrease of BTC is evenly spaced at about 11,000 USD (as shown). Therefore, if BTC increases one more beat, it could reach the maximum at 84,000 USD.
With this scenario, Bitcoin's upward momentum will continue to be supported by the accumulation of ETF funds as well as new investors' expectations about the Bitcoin Halving event. This event is more of a psychological nature than an impact of scarce supply, as the majority of the BTC supply has already been put into circulation.
If this scenario happens, it is also possible that BTC price will increase before the halving and decrease after the halving as it has done many times in the past.
These scenarios are based on price model motifs to suit the current market context. It is not necessary that BTC only shows fluctuations according to one of the above two scenarios. But it can be a suggestion worth considering for short-term traders.
