Bitcoin has made a strong reversal of recent lows, but it has not yet broken resistance above.The next key level of support below is the Delta price, which sits around $14,700.We have an impending Black Swan event in Bitcoin with over $3 billion in Bitcoin being released into the market.Thesis SummaryBitcoin (BTC-USD) fell as low as $17,000 last month and it has since rebounded strongly to over $20,000. Over the last few weeks, we have seen both good and bad news for Bitcoin and the overall crypto market.In this article, I try to give a balanced analysis by outlining "the good" in terms of on-chain metrics and imminent bullish potential, "the bad" by looking at data and critical support levels, and "the ugly," a potential Bitcoin "Black swan" which could really shake up crypto in the coming weeks.The GoodIn my last article on Bitcoin, I talked about how the world's first cryptocurrency had fallen below its realized price. Put simply, the market as a whole had now entered into losses. In the past, the realized price has acted as a strong line of support, with Bitcoin corrections only dropping under this level for a few months or even weeks before an upward trend resumes.I also pointed to the fact that we needed to see a five-wave rally off the lows to begin to think bullishly, and this is indeed what we have seen:BTC reversal (Author's work)We had a very clear impulsive reversal, followed by a corrective move down. Furthermore,...
