I believe a brief look at BTCs' weekly performance is in order. A glance at the chart shows no excitement in the slightest. The last four weeks have been flat. There is also an area of concern via the volume profile. When a volume profile shows a lack of volume in a particular price area, the price will rise or fall rapidly. BTC price is $25723, with the potential to drop to $23500. I must emphasise that this is not guaranteed to happen. Another price point is at the Point of Control (POC) at $19500. Price does love to move towards the POC.
In an extreme case, we might even see a fall to a low of $15500. At the moment, this looks highly unlikely. In addition, let us not forget that the Laguerre RSI is on a downward trend with a high enough energy via the choppiness index.
Finally, the bull market support chart helps clarify this point. The bull market support comprises the 21-weekly EMA and 20-weekly SMA. The range we are looking at between these two indicators is $27193 to $27928 (respectively). BTC prices are well under these ranges. It may take a while to be clear of these price points and rise even higher.
Despite the lacklustre BTC price, the on-chain indicator 2-year Moving Average (MA) Multiplier might give some comfort. The indicator functions as follows: buy BTC when the price drops below the 2-year MA (green line). Sell BTC when the price is above the 2-year MA x 5 (red line). Price is below the green line; a case for buying BTC, some might say (no financial advice). Predictions/forecasts are fools' luck. No one can tell where the price will head to. Perhaps you have a crystal ball to predict accurately. If not, your guess is as good as mine.
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