What I had wanted was to discuss the price possibilities for Bitcoin. And like a thunderbolt, the SEC loses its case to Grayscale. It may be safe to say the SEC will appeal this case and prolong the matter more than necessary. By the way, the SEC loss brought about a surge in the price of Bitcoin, ruining my original thesis. Notwithstanding, there is a lot we can get from the chart as it currently is. The charts for a while have shown a sideways price movement for Bitcoin. The Fear & Greed index this morning was a value of 39. One can even say that most speculators were short. I dare say the sudden price surge must have ruined many a day; thankfully, not mine!
Before the sudden price surge, BTC looked like a fall was in the offing. BTC's price at that time was $25810, with a chance of BTC hitting $24750. The evidence for this lies in its volume profile. The volume profile also showed that the price might even fall lower. Had the $24750 level broken, the next stop was $19300. You may wonder what evidence is present for this, the choppiness index. The Choppiness index measures market energy and not overbought or oversold levels. At the time of writing this, the energy levels were at 48.09. Hence, there was enough energy in the market to bring about a further fall in price.
We are in a moment in history where markets are tricky to predict. I would say never mind the fear and greed; it is the doubt that counts. And as long as these doubts persist, the market will misbehave. As for where the price will end up, your guess is as good as mine.
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