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- 🚀 Bitcoin trend turns bearish, first since October 2, targeting 38,000
🚀 Bitcoin trend turns bearish, first since October 2, targeting 38,000
10x Research
January 19, 2024
👇 1-11) Our central hypothesis for Q1 has been that an initial rally would be a fake-out, and Bitcoin would decline towards 38,000. The typical trajectory is a decline into March before a sustainable rally starts for the rest of the year. Our Bitcoin trend model has turned bearish for the first time since October 2, 2023, when BTC traded at 27,530. We have projected a Bitcoin consolidation for the last two weeks despite remaining bullish for 2024. Below, we explain some of our tactical considerations.
Exhibit 1: Our 10x Research Trend model (purple) favors a decline in Bitcoin
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