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Bitcoin could go down to $85,000 next month because a signal that it would go lower didn’t happen.

Bitcoin recently indicated a decrease in value, but it didn’t actually go down much.

Because of a problem with the technology, past information shows that within a month BTCUSD could reach a new highest price of $85,000 per coin. Here’s the reason why.

Why downward market indicators can lead to upward market movements

In technical analysis, some patterns are seen as being either negative or positive. For instance, the ascending triangle usually means the price will go up, but it only happens 63% of the time. The remaining 37% of the time, the pattern shows a bearish trend.

When there are a lot of orders and stop losses on both sides of a pattern’s trend lines, a pattern that was supposed to go up can actually go down, and vice versa. Breaking it down more, because the pattern looked positive, it might have caused more people to buy in, but then they had to sell at a lower price.

New to technical analysis. Want to learn how to make charts for cryptocurrencies. Check out “Technical Analysis for Beginners” for helpful information.

Bitcoin price recently showed signs of decreasing on the weekly chart. However, there were no big changes made afterward. When this happens, it usually causes a big change in the opposite direction of the sign.

In simpler terms, the failed TD9 sell setup could lead to a big increase in price. The high price and how quickly it might go up could surprise you.

New tool shows Bitcoin might go up to $85,000.

The TD Sequential is a tool used to decide when to buy or sell in the stock market. It was created by a person named Thomas Demark. A TD9 setup or TD13 countdown is a certain order of candles that show a trend is about to end.

In 2020, when this signal didn’t work, Bitcoin went way up to more than $20,000, which was a new record. It went up by 143% in the four weeks after the signal, and over 300% in total by the end.

Other article you might like to read: Choose Bitcoin is Doing Well According to This Chart.

If Bitcoin follows the same pattern as before, it could reach $85,000 by the end of December. If Bitcoin goes up 300% more from its highest price, it would be worth over $200,000 for each coin.

In simple terms, the indicator also shows levels of support and resistance that can help in predicting lower prices. These levels go up and down when each TD setup is finished. This new change made it harder for the price of BTCUSD to drop below $25,000, because now there is more support to keep it from going lower.

In December 2020, even though Bitcoin didn’t sell as expected, it went up 143% in just 4 weeks, breaking through its previous highest price resistance.

The price of Bitcoin could reach a new all-time high of $85,000 by the end of the year with a similar increase in value.

Do you still think my idea that we will see all-time highs in 2023 is wrong. Tweet link: pic. twittercom/GwCXEaY1II

Tony “The Bull” posted on November 17, 2023.

Please remember: This information is for learning purposes and should not be seen as advice about investing.

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