TF: W
I think BTC price action could play out in a few different scenarios over the longer timeframe (1-2 years) outlook.
Scenario 1: BTC is currently approaching a broken level of support around $44,500, this also aligns with the 1.382 extension from the move from $~20k to~$3.1k correction. If this rejection occurs and acts like a ceiling and holds below these current levels, then I think price could visit the ~$17k to ~$21k before pushing it up to 2.0 extension. If price breaks out at that level, then I think price could move to the 2.382 or higher to test the trend line.
Scenario 2: BTC breaks out and breaks through the ATH and holds above (dashed line). I think price could move to the 2.382 extension levels.
I think BTC price action could play out in a few different scenarios over the longer timeframe (1-2 years) outlook.
Scenario 1: BTC is currently approaching a broken level of support around $44,500, this also aligns with the 1.382 extension from the move from $~20k to~$3.1k correction. If this rejection occurs and acts like a ceiling and holds below these current levels, then I think price could visit the ~$17k to ~$21k before pushing it up to 2.0 extension. If price breaks out at that level, then I think price could move to the 2.382 or higher to test the trend line.
Scenario 2: BTC breaks out and breaks through the ATH and holds above (dashed line). I think price could move to the 2.382 extension levels.
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Seeing some rejection at the level shown by the arrow
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