The price of Bitcoin (BTC) and the crypto market as a whole continue to develop a well-constructed uptrend with a clear acceleration since BTC broke through major resistance at $32,000. A pre-season of altcoins is underway, and overall, it’s a phase of psychological denial that continues to support prices on the upside. Despite this, we must remain cautious in the short term, as the market is in a state of massive technical overbought.
The bullish psychological denial phase
In the first nine months of the year, Bitcoin (BTC) was already the leader across all asset classes. Above all, it clearly outperformed the equity market, outperforming the Nasdaq by a factor of three. Subsequently, BTC fooled the world by assuming the role of a safe-haven asset in the face of geopolitical risk, relegating gold and silver to the background.
But Bitcoin decided not to stop there. It proposed a major bullish technical breakout by breaking through resistance at $32,000, a medium-to-long-term chart lock that had two powerful consequences:
- A powerful hunt for protective stops on the short side and the commitment of new bullish technical targets on BTC;
- The starting point of the altcoin pre-season.
I specify “pre-season” because as long as the dominant
