Steinbeck’s Take on Bitcoin’s Wild Ride 🤑💰

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It was a time of great speculation and hope, a time when the humble Bitcoin, that digital currency so often maligned and misunderstood, was once again being heralded as the savior of the financial world. Crypto analyst Madden, a man with a keen eye for patterns and a heart full of optimism, had raised the possibility of Bitcoin rallying above $100,000 once more. It was a bullish outlook, a ray of light in the often dark and murky world of crypto.

In a post on TradingView, Madden, with the wisdom of a seasoned trader, indicated that Bitcoin was eyeing a rally above $100,000, with a reversal looking likely. His chart, a masterpiece of technical analysis, showed potential price targets of $91,700, $102,700, and $109,356. A rally to $109,356 would mark a new all-time high (ATH) for the flagship crypto, a moment of triumph in a world where triumphs are few and far between.

Madden, with the patience of a farmer waiting for rain, alluded to some charts with important levels and relevant patterns to determine if the reversal was confirmed. On the daily chart, he highlighted a Deep-Crab harmonic and Wolfe wave pattern, tools as essential to a trader as a plow is to a farmer. The Deep Crab pattern showed that Bitcoin likely bottomed out when it touched $76,600, with the reversal now in play.

Madden also turned his gaze to the CME daily chart for Bitcoin. He noted that there was a daily retest of the 200-day moving average (MA) and that the CME gap between $77,000 and $80,000 had been filled, a sign that there was no reason for Bitcoin to drop that low again. The crypto analyst added that Bitcoin was currently above the 2022 and 2024 top support line, a position as solid as a redwood.

As part of his analysis, Madden provided a roadmap and future outlook for Bitcoin. His chart showed that the flagship crypto could top at around $125,000 in this market cycle, a target that seemed as distant as the horizon on a clear day. Based on the chart, Bitcoin would reach this price target by year-end. Crypto expert Willy Woo, a man known for his conservative views, once suggested that Bitcoin could reach this target, a testament to the potential of this digital currency.

The chart also showed that Bitcoin could enter a bear market by 2026, dropping from the projected peak of $125,000 to as low as $40,000. This price drop to $40,000 could happen before 2026 ends, a reminder that in the world of crypto, nothing is certain but change.

In the meantime, the bullish reversal for Bitcoin was the major focus of market participants. Crypto analyst Ali Martinez, a man with a keen sense of the market, stated that Bitcoin was breaking out. He added that the target was $90,000 as long as the $84,000 support held, a statement that brought a glimmer of hope to the hearts of many.

Crypto whales, those giants of the market, were already positioning themselves for the potential reversal of Bitcoin to $90,000. Martinez revealed that these whales had bought over 20,000 BTC in the last 48 hours, a move that suggested they were preparing for a storm or, perhaps, a new dawn.

At the time of writing, Bitcoin was trading at around $84,500, up over 3% in the last 24 hours, according to data from CoinMarketCap. It was a small victory in a world where victories are often hard-won and short-lived, but a victory nonetheless. And so, the saga of Bitcoin continued, a tale of hope, speculation, and the eternal quest for the next big thing.

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2025-03-16 08:48