Bitcoin is not in a bear market, that is a common misconception, or misunderstanding of what the term means. A bearish trend is more likely what we are seeing. It could even still be called a correction, if we look on a longer time frame.
What we see now:
1) MA50 crosses under MA100 - not a good sign
2) Price bounces off MA200 - not a good sign
3) The 'whales' that did sell, only owned BTC for 3-4 months. hmmm.. Who made news for buying bitcoin recently? Institutions?
Interesting side-theory: Institutions were responsible for the Wyckoffs Distribution Event we see now.
If this were the case, you better believe they would be buying it up like crazy at lower prices. Either here, or the next level down, we should see a huge accumulation phase in terms of volume and on-chain stats.
Where can we go from here?
Liquidation theory: Its plausible that the price of Bitcoin, near the end of the month, ends at the price that would cause the most disruption and liquidations in the futures market. Last month it certainly did: 54k. So we may suspect a repeat.
I think we will either bounce off of the 200MA, or if we do go up - I would target just under 48k. This could bounce downwards to my target price of 20k-24k where we should find some strong resistance if it does make it this far. Historical charts show that BTC price does intersect with previous ATH, so it has done this before. There is a small chance we can see price dip as low as 10k by July - if it does I am buying as much as possible. But wherever we end up, expect a strong accumulation phase, and quite possibly one of the largest monthly green candles we have seen in years near the end of the year.
We will see!
What we see now:
1) MA50 crosses under MA100 - not a good sign
2) Price bounces off MA200 - not a good sign
3) The 'whales' that did sell, only owned BTC for 3-4 months. hmmm.. Who made news for buying bitcoin recently? Institutions?
Interesting side-theory: Institutions were responsible for the Wyckoffs Distribution Event we see now.
If this were the case, you better believe they would be buying it up like crazy at lower prices. Either here, or the next level down, we should see a huge accumulation phase in terms of volume and on-chain stats.
Where can we go from here?
Liquidation theory: Its plausible that the price of Bitcoin, near the end of the month, ends at the price that would cause the most disruption and liquidations in the futures market. Last month it certainly did: 54k. So we may suspect a repeat.
I think we will either bounce off of the 200MA, or if we do go up - I would target just under 48k. This could bounce downwards to my target price of 20k-24k where we should find some strong resistance if it does make it this far. Historical charts show that BTC price does intersect with previous ATH, so it has done this before. There is a small chance we can see price dip as low as 10k by July - if it does I am buying as much as possible. But wherever we end up, expect a strong accumulation phase, and quite possibly one of the largest monthly green candles we have seen in years near the end of the year.
We will see!
