The price of bitcoin broke back above $40,000 as of today. In the four-hour time frame, we were previously looking at the rising wedge where we saw signs of breakout that didn't happen that way. But I think that the target of the rising wedge is around $43,000 which we are getting closer and closer to. We have already seen the bitcoin reach up to $41,900.
We are still in an uptrend, the bulls are still in control. Same as on the EMA ribbon on the one-hour timeframe. The bulls are still in charge. They don't give up, every single dip gets bought up higher and higher and we continue to go up.
The parabolic run-up is not broken yet, which means we are still in an uptrend. If the current channel we are in continues to go to the upside, I think this could lead to a massive candle on the upside that could take us to $45-46k.
It seems that all the bearish patterns on the bitcoin break to the upside so this one is likely to as well. We have seen some bearish divergence on this uptrend but none has been a big correction.
If we break to the downside, we might see some kind of correction down towards the $30-31k approximately.
Ethereum is back above the one-hour ribbon which is a good sign. If ethereum breaks above the previous high this is a sign that this trend could continue. But so far we still have a clear uptrend on ethereum's one-hour timeframe. We are still above the previous resistance which confirms our support, so it is looking very healthy now.
On bitcoin's imminent correction, I think we would see a correction of 50% before we reach $100k, but I have no clue where it's going to happen.
If we take a look at PlanB's Stock-to-Flow ratio, we can see that we are getting closer and closer to $100k. As we can see every time there's a halving, the price goes up, then comes down after a while. Looking at the chart, it's obvious that from this last halving, we are headed to $100,000 in this cycle. That's the price target by the end of this year. And we could reach it much sooner than people expect. The next major level might be within the next fours or so which is $1million.
