🔥 Thought Experiment Update: Break Out

Recently I posted a chart of the inverse chart of Bitcoin. The chart and corresponding analysis led to some interesting comments and discussions, see below.

The prior analysis ended up correct, and we saw a 35% rise in value since the last analysis. The ascending triangle broke out and we're currently in a strong bullish trend.

In my view, there's little to stop this trend until we reach the top dotted resistance line. This would bring BTC to a value of (give or take) $11k.

The $11k area is in line with my worst-case scenario for BTC, which is an 85% drop. 85% is important because we've dropped around 85% from high to (bear market) low in the last cycles.

Looking at the inverse chart of BTC might offer a different perspective of the market, which is always useful.