Technical analysis by YK_Ozymandias about Symbol BTC: Buy recommendation (7/11/2023)

My thoughts about the BTC price movement into 2024 It feels like everyones hairdresser and taxidriver is talking about the coming BTC halving event. Many people talk about an upcoming bullrun after the halving like it's guaranteed. They believe that the past behaviour will be the similar outcome this time. In my experience in these emotional states the past patterns will not repeat, they will just rhyme. Example: In the last cycle we didn't see the so called "blowoff-top" and the correction also was not as pronounced as in the cycles before. Because the more people flood into BTC the less will be the volatility. For example if everyone thinks that BTC will top at price X (based on past behaviour) then a lot of people will try to move out of the market just before (to avoid the panicmode and possible issues of exchanges being not able to handle the high volume) and then the top becomes slightly less than previously predicted X. This is called "frontrunning" and this also appears in the other direction during price corrections. I think that we will see this frontrunning also regarding the halving. I think that this time many market participants will be surprised because the next top will be either during the halving event or shortly after. It is possible that BTC this time won't even reach it's previous ATH and I think if we are lucky we can see a price around 90K (read marked circle).