I will post a brief update time to time and share my personal thoughts hoping that at least someone find it useful. It is not a financial advice though.
BTC is trading at around 36k right now. Short term wise I think BTC will move back upto 39–40k and it will probably drop back down to 35–36k. I don’t think 35–36k will hold and BTC will probably drop all the way down to 30k range. There will be a bounce at 30k as it has been a strong support. I anticipate it will be back upto 35–36k.
Ultimately I think 30k will break down. If the selling pressure accelerates, BTC will go below 25k and down to 20k. As I have mentioned multiple times, my current target is 25k and I anticipate BTC to hit that price around in March. I think that will be the ultimate bottom.
If there is a recession and the stock market keeps selling, then the market will need to be reaccessed as it will be the first time BTC ever encounters a recession, excluding the 1 month COVID recession. If the IXIC sells down to 10000, then I think BTC will likely revisit the high 10k ranges probably in between 16k — 18k. I don’t anticipate BTC to go anything below that price range. My current target for IXIC is 12000.
