#065 - Will Bitcoin Soar to $145k in the next 10 months? (what you need to know)

The breakout after the last crab market ($28k) left a lot of investors sidelined

I'm pleased with the current market. My recent analyses have been successful, particularly the Wyckoff pattern and other on-chain metrics indicating whale reaccumulation.

This analysis will be interesting and impactful for your portfolio as it covers higher time frames, focusing on monthly trends.

Let's look at the current Bitcoin chart on the monthly time frame. This approach removes much of the usual chart noise, revealing clearer trends.

The current price action resembles mid-2023 when BTC fluctuated between 25k and 30k for about eight months. (crab market)

But after breaking out of that range Bitcoin rallied 162%

Now, for the past five months, BTC has been moving between 61k and 70k, showing strong support at 61k. Trading between these values is a bad idea due to choppiness and whale manipulation.

Things will get interesting below 61k, a bearish scenario most would prefer to avoid.

I'm particularly interested in the bullish scenario—a break above 71k. If we see a move similar to the one from 25k to 65k earlier this year, Bitcoin could potentially reach around 145k in the next six to ten months.

On the three-day time frame, the Wyckoff pattern is unfolding well.

If BTC reaches the 71k range, which might happen in the next two weeks, it will confirm this trend. The 64k support has held strong.

Interestingly, looking at monthly returns, a slight dip in July could be beneficial.

Can we expect a green August?

It has gotten rather warm in Switzerland, and I’m looking forward to swimming in the rivers and lakes.

What would be even nicer is a green August for Bitcoin and the crypto markets.

It has been a while since I did a monthly returns analysis.

Based on the July returns and the historical August returns, it looks like there’s a 72% chance that we have a green August as long as July closes in the green.

Bitcoin Hash Ribbons buy signal

Bitcoin hash ribbons are an extremely accurate long-term Bitcoin buy signal.

This is probably one of the best indicators that tracks miners' health, and I remember using this in 2020 after the COVID-19 crash.