Bitcoin shot back up to 42K while indicators are signaling that the Bull-case might be on.

Bitcoin recently tested the 39K level three times trying to break throught it, but February 4th we suddenly blasted through it with amazing volume which puts Bitcoin back to the early January levels.

Long term, yes but stay patient in the short term. We did get through the 39K level but it’s still going to take a long time before we start breaking new all-time highs.

Realistically I’d expect Bitcoin to take a little breather now, and start testing 47K level in the coming weeks. Don’t expect us to break through in one go however, it will very likely take a few tries with a few minor pullbacks during our way up.

We’ll slowly have to regain all support levels which we went tumbling down from in the correction, the next resistance levels being 47K, 56K and then eventually 60K.

I’m convinced we’ll be putting in new all-time highs by Q4 but please stay very patient, we always go down quicker than we go up and reclaiming all these support/resistance levels will take time.

To be honest, nobody really knows. All we know is that it will probably take months to do so.

To put things into perspective, in our last Bull run it took us about 3.5 months from the 30K bottom to the 69K all-time high so if we were to assume that history reapeted itself then we would get back to 69K levels by May.

Please consider that this could be a Bull trap in which case we haven’t actually seen the true bottom. A similar thing happend in June of 2021 where there was a fake break-out which went from 33K to 41K, stabilised there for a few days and then fell right back down to 32K.

Ironically, those are the exact same levels we are at today which could mean we go down and eventually put in a complete bottom around the 30K level. This however, doesn’t mean that history has to repeat itself, I’m just telling you that there is a chance for it to happen.

To be honest, I really don’t know for sure what’s going to happen in the short term so you’ll just have to stick around and see for yourself.