BITCOIN BOOM BEGINS: $85K In Sights!

In this video, I discuss the recent bullish momentum of Bitcoin, emphasizing its breakout towards the $70,000 mark, currently hovering around $69,000, as observed on a four-hour chart. I delve into the crucial areas of attention for Bitcoin's short-term movements, highlighting a post by a user named Thomas on social media platform X, which contrasts the current Bitcoin position with its stance when it last hit $67,000 in 2021. This comparison underscores a complete reversal in market conditions, suggesting a "perfect setup" for Bitcoin. I analyze Bitcoin's journey through the lens of technical analysis, from its behavior on weekly charts—spotting similarities with past bull market cycles—to its struggle and recent victory over the 20-day moving average. Furthermore, I explore Bitcoin's interaction with a lower high Fibonacci resistance level and discuss the implications of its current position within this technical framework. I touch upon the potential for an inverse head and shoulders pattern to propel Bitcoin towards a target of $76,000-$77,000, while also acknowledging the possibility of consolidation or retracement, especially in light of the upcoming Bitcoin halving.