In a recent video, analyst Nick discusses Bitcoin news, on-chain data, and technical analysis, highlighting potential volatility due to upcoming events, including the Fed interest rate decision.
Nick analyzes Bitcoin wallet sizes and their accumulation patterns, emphasizing institutional players. He also covers liquidations, total value locked in Bitcoin, and minor data.
Bitcoin Supply Impact
Nick notes that only 1.6 million Bitcoin remain to be mined, and the circulating supply is small, at about 19 million out of 21 million. He also discusses the minor impact of Bitcoin halving events on supply.
Speculative Interest in Bitcoin
Nick mentions that investors often speculate on Bitcoin halving events in anticipation of bullish runs. He points to historical patterns that suggest this could be a potential catalyst for price increases.
Three-Wave Corrective Patterns
Nick observes that three-wave corrective patterns were notable in the 2015 and 2018 bear markets, and Bitcoin remained within these parameters. However, in 2022, a five-wave corrective pattern emerged, breaking previous norms. This uncertainty makes it difficult to determine the bear market bottom.
Bitcoin Price Outlook
Nick expects Bitcoin to reach $20,000 to fill a CME Gap. However, he is uncertain of how Bitcoin will react at this level, and there is potential for further downside.
Nick also lowers expectations for massive gains, noting that Bitcoin is unlikely to make people millionaires. However, he believes that a 10x gain is possible if Bitcoin drops to around $10,000.
In the next bullish market, Nick anticipates an upper limit before a healthy correction.
Nick’s analysis suggests that investors should have limited expectations of becoming crypto millionaires with Bitcoin. There is potential for decent gains, but lower than some might expect.