Technical analysis by CryptoPAMM about Symbol BTC on 2/6/2025

Panic Rising, Opportunity BrewingBitcoin is headed for $130-140K this cycle is a reasonable target. Right now, the market is drowning in fear, with traders getting ready for a steeper drop. But let’s be real—that’s exactly when the big players make their move.The Trend Is Still Our FriendSure, markets can be chaotic, but probabilities are still leaning bullish. Just take a look at the price action—the trendline has already proven itself as support twice. The demand is there, institutional money is pouring in, ETFs are shaking up the game, and with a crypto-friendly Trump back in the picture, the narrative is stronger than ever. Besides, the bullish scenario seems to be supported by the Elliott wave theory as well.I’m Stacking BitcoinSharp pullbacks wipe out weak hands, but they also set the stage for massive upside. Fear is the fuel for opportunity. Or as Baron Rothschild once put it: "The best time to buy is when there’s blood in the streets—even if it’s your own."1. Gold Reaches a New Record HighGold has once again set a fresh all-time high, climbing to $2,942 per troy ounce. The latest surge was largely driven by investor concerns over the economic fallout from Trump’s tariffs, prompting a flight to safe-haven assets like gold.2. Indications of a Potential ReversalHowever, according to Elliott Wave theory, the price appears to be finalizing its last upward wave, which could indicate an upcoming correction. Additionally, XAU/USD is currently pulling back from the 161.8% Fibonacci extension level, a signal that bullish momentum may be weakening.3. Investors Eye Riskier AssetsIf gold has indeed reached a peak, investors may start redirecting capital toward riskier assets, including cryptocurrencies. This shift could breathe new life into the crypto market, with altcoins potentially seeing significant upward movement.4. A Turning Point for AltcoinsWith gold showing signs of exhaustion, a shift in market dynamics could be underway. Traders looking for higher returns may increasingly turn to digital assets, potentially sparking a strong rally in altcoins.