Is the top of Bitcoin about to fall?
2024-10-30

Is the top of Bitcoin about to fall?

In light of current developments, BTC appears to be nearing a key peak,  and the outlook for growth remains positive. However,  traders should remain cautious and monitor key resistance and support levels,  considering potential corrections that may follow after reaching these important Fibonacci targets.

After Bitcoin (BTC) finally broke key resistance after 228 days,  there is an opportunity to achieve a new all-time high (ATH), which I estimate could reach between $86,000 and $91,000.

The current structure of BTC indicates that we are in an ending diagonal,  suggesting that we are approaching the end of the current bullish trend,  which has lasted for 708 days and is expected to continue for another 70-90 days.

Fibonacci Targets fpr major top!
Assuming we are indeed in the final wave,  Fibonacci targets between − 0.236 and − 0.382 (based on waves 2 to 3) may come into play, unless this wave becomes extended. Given the current structure, these levels appear achievable within the ongoing cycle.

Expected Correction and reversal trend
After reaching these targets, I anticipate a significant decline,  with a final target between $30,000 and $40,000. My main target is the golden pocket(0.618 fib), but BTC often extends to the.786 fib level ($30,000), further supporting the possibility of larger corrections.

Reasons for Trend End
Ending Diagonal:  BTC is currently in an ending diagonal formation, which typically signifies the end of the prevailing trend.

Divergence:  There is a substantial bearish divergence forming on both the daily and weekly timeframes,  which is almost impossible to invalidate. This divergence serves as a critical indicator of weakening momentum in the  current bullish trend.