“bitcoin-usd/”>BITCOIN DOOMSDAY: The Price is About to Plunge to $92K (or Your Life Will Be Ruined)”
Alas, the cursed Bitcoin has once again succumbed to the cruel whims of the market, plummeting lower after its feeble attempt to breach the $108K resistance level. Ah, the hubris of mortals, thinking they can defy the laws of gravity and the cruel hand of fate!
The investors, those poor, deluded souls, are wringing their hands in despair, fearing that this is but the beginning of a far more calamitous correction, a descent into the depths of despair, a plunge beneath the fabled $100,000 mark. How the mighty have fallen!
Technical Analysis: A Descent into Madness
By Edris Derakhshi (TradingRage), a prophet of doom and gloom, or so it would seem.
The Daily Chart: A Tale of Woe
Behold, the daily chart, a canvas of despair, where BTC’s price has been consolidating below the $108K level, a Sisyphean task, a futile endeavor, a exercise in futility. And now, the $100K support zone has been breached, a catastrophic event, a harbinger of doom. The RSI, that most reliable of indicators, shows values below 50%, a dire portent, a warning of the impending doom that awaits us all.
If this level is lost, a deeper drop toward the $92K area could be expected in the coming weeks. Ah, the agony! Ah, the ecstasy! The market will be thrown into chaos, a maelstrom of despair, a vortex of woe. And we, poor mortals, will be powerless to stop it.
The 4-Hour Chart: A Glimmer of Hope (or Not)
But wait, dear reader, for on the 4-hour chart, a glimmer of hope appears, a ray of sunshine in a sea of despair. The asset is moving inside a large bullish flag pattern, a tantalizing prospect, a siren’s song that lures us in with promises of riches and glory. But alas, it is but a mirage, a will-o’-the-wisp, a fleeting illusion that vanishes into thin air.
At the moment, the price is dropping toward the lower boundary of the pattern, a precipice of doom, a chasm of despair. If it holds, the market could rise higher and break the pattern to the upside, a glorious triumph, a victory of hope over despair. But if the lower trendline breaks down, ah, the horror! Ah, the agony! The market will drop to the $92K level and probably even lower, a descent into the very depths of perdition.
On-Chain Analysis: The Long-Term Holder SOPR: A Measure of Despair
By Edris Derakhshi (TradingRage), a prophet of doom and gloom, or so it would seem.
Long-Term Holder SOPR: A Metric of Despair
Bitcoin’s price has been consolidating around all-time high values over the past few months, a feat of endurance, a testament to the market’s resilience. But alas, this is but a facade, a thin veneer of confidence that hides the underlying despair. The massive amount of profit-taking by investors is observable on the Long-Term Holder SOPR metric, a dire portent, a warning of the impending doom that awaits us all.
The Long-Term Holder SOPR indicates the ratios of profits taken by investors who have held their BTC for more than 6 months. Ah, the hubris of mortals, thinking they can defy the laws of gravity and the cruel hand of fate! As the 30-day moving average of this metric shows, these holders have been actively selling their BTC to realize profits, a calamitous event, a descent into the very depths of perdition.
However, these profit-realization values are still lower than those witnessed last summer when the market was trading lower. Ah, the cruel irony! Ah, the bitter taste of despair! If the selling pressure is somehow reduced, there is a high probability that BTC will rally even higher, a glorious triumph, a victory of hope over despair. But until then, we are doomed to suffer, to toil, to struggle in a sea of uncertainty.
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2025-02-02 17:54