We just wanted to start the week thanking all the CoinPanel community for our 1 year anniversary!
We heard your requests and the CoinPanel Mobile App arrived at the app stores last Friday. You can now use CoinPanel across any device, desktop or mobile. It was our present to you!
Bitcoin finding support bottom
Now, some Bitcoin chart analysis:
According to Dave the Wave’s chart, BTC has the potential of hitting a cycle peak of $200,000 in May or June 2024, or two years from now.
Bitcoin’s recent price behavior is compared to that of 2018, when it broke down from a descending triangle formation before rebounding off the 200-week moving average.
Having said that, BTC may be on its way to bottoming out and finding support.
Bitcoin expected to reach all time high late summer
Another analyst on Twitter, Kaleo said Bitcoin will continue to trade sideways until breaking out of its range and rising to over $38,000, a 20% increase from current levels.
In his words: “BTC looks like it wants to make an all time high later this summer. Pretty impressive strength in a down market.”
At time of writing, Bitcoin is trading at $30,550.
The week ahead:
The Luna Foundation sold off the majority of its 80K bitcoins in a futile attempt to preserve the 1:1 peg of their TerraUSD “stable” coin. Bitcoin is still struggling to fully recover following the downward push. The Bitcoin selloff, according to Glassnode, was one of the greatest realized losses in company history (summing all realized losses divided by total market cap at the time of sale).