Bitcoin Macro Update March 2024: A Technical Analysis

March 27, 2024

We posted our last Bitcoin Macro Update in October 2023 - BTC was trading at $27885… you can check the article below…

We explored that there was a high chance that, this could be the bottom of the bear market

IF you were a member of the crypto cartel - you just may have taken this opportunity to join the latest bull run - BTC ran from here up until a high of $73,000 so far - more than 160%!

So where are we at now?…

Well, we broke the all time high, but what could our potential target be for the END of this bull run?

The purple target area is our crypto cartel goal… around $110k -$120k

We have done this by overlapping our Fibonacci levels

Below is a macro outlook with monthly bars - this may take months or even years to play out…

But what if we looked a little closer?… Each candle is now ONE DAY as opposed to ONE MONTH

  1. As you can see, we retraced down to the 75% area and bounced quite predictably…

  2. All we can say for now, is that we are ranging between $73,000 and $61,000

We can only observe what the market is telling us…

  1. A clean break above, or below, will give us a better idea about which we are going.

  2. What we know from before though, is that, despite the ups and downs, we are still expecting further upside in the long run.

And now lets take a look at the Fear and Greed Index Again…

During our last analysis, this figure was 50…

It is now a little risky, as we are in a period of Greed… This usually requires a little retrace, to spike more fear, before the market continues to go up again.