Why 7K BTC is still a possibility?

BTC pushed higher quite well this year, nevertheless the Bullish momentum vanished and we entered a longer consolidation period. If we use larger time frames we can see some similarities with past price action but not exactly in the same scale/proportion.

Weekly BTC

In 2016 BTC tested the 3Day 200MA without crossing down the 3Day 50MA and this year we trade between this two Moving Averages for some days (more than 20). This situation could be more dangerous but we can’t forget the Halvening in May 2020 (7 months left). We can still cross down the 3D 200MA but odds that we will see a stronger reaction/bounce after testing that MA are higher than many may think (or not, nothing is granted and we may not even test that MA).

3Day BTC