BTC
2024-08-09

Here's a long-term analysis on Bitcoin and the potential decline after reaching a new price high. On the weekly timeframe, there appears to be some accumulation, meaning there is strong pressure from both buyers and sellers. However, manipulation is likely to occur sooner or later, leading to two possible scenarios: either a new high will be reached, which is the more likely outcome, or a drop to the $40,000–$30,000 range could happen due to the significant price spike that left behind a lot of unabsorbed liquidity and imbalances.

If the latter scenario unfolds, I recommend buying altcoins in a spot wallet and considering a long-term Bitcoin trade around the $31,000–$35,000 price level.