Cheeky Crypto’s Nick delves into Bitcoin’s (BTC) price movements, employing technical analysis to decipher potential short and long-term scenarios.
In a recent video, Cheeky Crypto’s Nick welcomes viewers to an insightful discussion on Bitcoin’s price trajectory. Starting with the 1-hour timeframe, Nick analyzes the Bitget spot exchange chart, highlighting the fourth wave’s upward move that exceeded expectations. He discusses potential support and resistance levels, anticipating a downward move to targets between $26,000 and $26,400.
Expanding the analysis to the daily timeframe, Nick discusses Bitcoin’s fifth wave and five-wave count, foreseeing a wave two bounce followed by a significant wave three. He also considers the possibility of a diagonal scenario.
Shifting focus to the long-term outlook, Nick analyzes Bitcoin’s weekly chart and its historical price movements. He notes the diminishing gains over time and the potential challenge for Bitcoin’s future growth, discussing the elasticity model and the possibility of reaching equilibrium.
Nick anticipates healthy corrections towards the $20,000 to $21,000 range, specifically mentioning the CME Gap. However, he suggests that the next bullish market might reach $110,000 to $120,000.
Nick concludes by encouraging viewers to like, subscribe, and share their thoughts in the comments, emphasizing the importance of following technical analysis data.