The path for BTC for the remainder of 2024-25.

I had a bearish bias back in June and we’ve since touched the lower support at $48k. So what’s next?

My bias still leans towards the bearish outcome. The monthly doesn’t look great here. We’d need a strong reversal above $65k to negate a bearish outcome of $30k (or lower).

I think the most likely outcome is a flush down over the next 1-4 weeks to $33-38k, then a rally back into the 40s before a further move down later this year or potentially into 2025 to the target on the chart.

The path for BTC for the remainder of 2024-25.

I had a bearish bias back in June and we’ve since touched the lower support at $48k. So what’s next?

My bias still leans towards the bearish outcome. The monthly doesn’t look great here. We’d need a strong reversal above $65k to negate a bearish outcome of $30k (or lower).

I think the most likely outcome is a flush down over the next 1-4 weeks to $33-38k, then a rally back into the 40s before a further move down later this year or potentially into 2025 to the target on the chart. 

https://www.tradingview.com/chart/BTCUSD/a7dq30H2-BTC-longer-term-view-New-lows-Or-new-highs/

Co-Founder at growandconvert.com
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Technical analyst that focuses on stocks and crypto markets

Benji Hyam

@benjihyam