Bitcoin has unexpectedly risen to $68,800. Normally, such a move might not be considered significant, but the current situation is different.
I had anticipated a temporary dip followed by a major rally, but with this early June rise, it seems there are only two paths forward: either the price remains above $67,000 and continues to rise, or it makes a slight increase before falling sharply.
Some might argue that the market can only go up or down, but this month’s movement is crucial as it could dictate the trend for at least the next three months and could either start a major rally or a significant drop.
Typically, Bitcoin’s monthly chart has always peaked with long wicks above and below, marking the last peak of each cycle.
However, this time, it’s different, which has sparked curiosity. There’s a lot of speculation that the rise isn’t over yet and that a brief pause might lead to a significant increase.
It seems unlikely for a continual rise without a break, as many express doubt about such strength post-ETF and other factors suggesting that it might be challenging to achieve significant gains.
Regarding investment timing, while some might see the favorable chart as an immediate cue to invest, I plan to observe carefully and invest more thoughtfully in altcoins, which generally have charts that are easier to interpret than Bitcoin.
It’s best to stick to a standard approach and focus on the weekly charts for altcoins. Thank you.