The early-stage #
BTC# Bull Market Re-Accumulation Range in 2023 developed slightly above the 2022 inverse Head and Shoulders Accumulation Pattern
In this cycle, the ~$82500 level is the analogous level to the very top of the 2022 Accumulation Pattern
Turn $82500 into support -> Bitcoin would likely start building out its new ReAccumulation Range
Note: it's not yet clear where the top of that Range would be but its bottom would likely be $82500 or slightly above it (i.e. in 2023 it was slightly above the analogous level to $82500)
Fail to turn $82500 into support however and there’s a chance Bitcoin reverts back into the $60k - $80k Range and retraces within it
That intra-range pullback could take place in an effort to build out a Right Shoulder, if the intent is for Bitcoin to replicate an inverse Head and Shoulders Accumulation Pattern similar to 2022-2023 (and this is an assumption based on emerging market structure)
These are conditional scenarios based on $82500 as a technical level because it is the pivot point for the next phase in the cycle
Of course, if $82500 holds as support then the breakout from the ~$60k-$82500 Macro Range will be confirmed, obviously invalidating a reversion back into the Range
But for as long as $82500 fails to hold as support, that Right Shoulder to a potential inverse Head & Shoulders becomes quite compelling (there's a good chance that the Right Shoulder would be a little higher than the Left Shoulder, like in 2023)
Attached are charts from the prior cycle where I clearly outlined the 2022 bottom at ~$15500 via downside deviations below the 200-week SMA (which kickstarted the Head of the inverse H&S in that cycle) and another couple of charts outlining the full development of the Right Shoulder and its bottom in 2023
Based on those charts and same guiding principles, the analogous levels are outlined in today's chart
What's interesting about a potential future Right Shoulder development is that it could coincide with a mid-term retest of the Macro Downtrend (black; we've only seen such a mid-term retest in 2015)
In sum:
Is Bitcoin entering a future Re-Accumulation Range? Or does price still have a chance at entertaining a low still within the Macro Accumulation Range?
Either Bitcoin transitions into a new Re-Accumulation Range by keeping $82500 as support...
Or we could see one final pullback in an early-stage Bull Cycle into what could be a Macro Higher Low
(Side note: equal lows would be compelling but are less likely, and Lower Lows admittedly are the low probability event, but not absolutely impossible should a Black Swan take place. And if a Black Swan takes place in Q4 and BTC drops to new lows, then it would resynchronise with the 4-Year Cycle. Again, low probability but not absolutely impossible)
Overall, Bitcoin is showing signs of macro trend transition and so if the transition into an early-stage Bull Market is indeed occurring, then the main trend will of course be upside for the next few years
But in saying that, it's always wise to strategise ways on how price could perform a Bull Market pullback, especially whenever price is at key technical junctures like ~$82500
$BTC #
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