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My two cents on the current market and why it is displaying its current weakness and where i believe we are headed:
In 223 days we had a price increase of around 550%. Epecially with the amount of money that needs to be poured into the market to move the price that has to be a hell of a lot of capital to move it up by this much.
With tops getting shallower and shallower pi-cycle showed its signs of an overheated market (bad).
Next up is the more than 15 billion dollars worth of liquidations over the past week absolutely tearing bulls to pieces and giving a lot of money to the bears.
Furthermore you can feel the indecisiveness even between the top traders on this platform.
Your ultrabull influencers will say ath imminent and your ultrabear influencers will say 10k is immininent.
The answer here usually lies somewhere in the middle.
Your ultrabull influencers will say ath imminent and your ultrabear influencers will say 10k is immininent.
The answer here usually lies somewhere in the middle.
So let us take a look at @100trillionUSD's S2F model.
You can see that bitcoin always has this midway bear period in its bullcycle and the correction we would see is at a minimum of 40%.
This is quite in line with the untapped liquidity that the elon pump has left behind.
You can see that bitcoin always has this midway bear period in its bullcycle and the correction we would see is at a minimum of 40%.
This is quite in line with the untapped liquidity that the elon pump has left behind.
Most bearish stance is that we will visit this region even if just briefly. This correction will also flush out any of the newly joined above 50-55k before we SLOWLY head back up.
This is also what bear markets (even small steep ones) are designed to do:
Transfer wealth from impatient to the patient.
Transfer wealth from impatient to the patient.
Okay so now that we know that the btc market is bearish where do i think we are headed from here:
I do believe that it is likely we have a go at that 38k-40k level before entering phase 2 of the bull cycle which would propel us to that 100k+ price target.
I do believe that it is likely we have a go at that 38k-40k level before entering phase 2 of the bull cycle which would propel us to that 100k+ price target.
If that doesn't happen, well, cya next bull cycle in 2-3 years.
/End
/End
Was supposed to be the end but someone decided to leave this reply that i disagree with.
We had a lot of positive news the past week yet we still broke down the 50k barier. Positive news doesn’t have much impact as long as a consensus of a price floor hasnt come in https://twitter.com/InstinctCrypto/status/1385903785747247106
We had a lot of positive news the past week yet we still broke down the 50k barier. Positive news doesn’t have much impact as long as a consensus of a price floor hasnt come in https://twitter.com/InstinctCrypto/status/1385903785747247106
Fine ill add onto this with why a 2 phased bull cycle is likely in my opinion https://twitter.com/warobusiness/status/1385936174393462784?s=20
Even more confluence (no tops on any of these)
Aaaand even more confluence
More more more
Either way, none of these are to be used to make your intraday trade decision. Just letting you know why i believe the bullmarket isn't done yet but phase 1 is getting to a closure with a general price reset before phase 2 commences.
