Patience: Bitcoin’s Six-Digit Move Is Coming
Told you, the 82–83k level is a tough one. We’ve tried several times to climb above it, but got rejected every time. Just like yesterday, when we briefly moved above 81k before running out of steam. BTC is now trading around 80.4k.
Why is this such an important line in the sand? You can see it clearly on both the weekly and monthly charts: above 82–83k, we’re clearly back in bull territory. Below that, we remain trapped in that bearish swamp.
My belief is that 58k was the bottom and that we’ll climb higher from here. But there are still some headwinds: Iran, oil prices, and a rather hawkish Fed are all putting pressure on the market. On top of that, there’s still uncertainty about how the midterms in November will turn out.
But all of this will become clearer over the coming months, and I believe we’ll eventually get to those six-digit numbers for Bitcoin.
It just needs a bit of patience and the conviction to HODL until we get there.