Technical analysis by Abdihalim1 about Symbol BTC: Sell recommendation (12/28/2024)

Alright, let's use the historical data on that BTC/USD weekly chart as a foundation for my forecast. After seeing the way Bitcoin has moved in the past, I want to use that data to make some educated guesses on what might happen next.Key Points from Our Historical AnalysisHere are the key points I'm using for my forecast:Large Bull Cycles: Bitcoin has shown the ability to make huge moves upwards, with gains reaching 500% or more. I will be mindful of this upside potential as a key point of my plan.Significant Corrections: Every major bull run has always been followed by a major correction, often with drawdowns of 50%, or even 80%. I understand that these corrections are not random, they are part of the natural price action of BTC.Recent Move: The recent move to 100k was a major sign of bullish activity.My Bitcoin Forecast:Based on these historical patterns and my understanding of market dynamics, here's my outlook for the next major move for Bitcoin:Anticipated Correction: Given the recent strong move, and the fact that we are entering the $100k psychological price point, I anticipate a significant pullback from current levels. I want to see a test of the $80k range, and possibly even the $60k range.Estimated Drawdown: Based on prior drawdowns, I expect to see a retracement of at least 30%-50% from the recent high (100k), which can bring the price down to a range between $50,000 and $70,000.Next Bullish Upside: After this retracement, I anticipate another bull phase. The percentage gained on these next phases may be less than the previous, but there is still potential for a massive move. I will be looking for confirmation of a reversal in trend before I jump back into a trade.Potential Upside Target: If this retracement does not go below the 60k mark, and then moves upwards, I would then start to target $150,000 as a mid term target.My Strategy for the Coming Months:Patience: I will be patient, and I will not chase the price upwards. I will wait for the market to confirm a clear trend before placing any new trades.Risk Management: I will be using a stop loss at all times, to manage my risk during these periods of high volatility.Confirmation: I will wait for the technical indicators and price action to confirm any upside moves.Important Notes:Not Exact Science: This is a forecast and not an exact science. No one can predict the future. This is simply an estimate using technical analysis to show the most probable outcome.External Factors: Other factors not shown in the chart, such as news events and market sentiment may have an impact to prices.