If we look at BTC/OIL and eliminate the USD effect by replacing it with oil (still an indicator of the world economy), we can see that the recent ATH was NOT actually an ATH... This simple change can massively affect our view of the market:
- If we call $64k the top, then the China ban sell off was actually the start of the bear market, and $69K was a dead cat bounce (we couldn't make that conclusion before because of awkwardness of having an ATH in a bear market).
However, this really doesn't change anything. If we put this data alongside on-chain metrics (especially the recent whale accumulation metric published Glassnode) we can argue that the sell off in the last months was actually the capitulation phase, signalling that we ended a mini- bull/bear duo and now accumulating for another leg up.
I am working on a more involved view on this, probably adding more commodities into the equation to get a better understanding of #Bitcoin's place in today's economy. Let me know what do you think in the comments.
Bardia
- If we call $64k the top, then the China ban sell off was actually the start of the bear market, and $69K was a dead cat bounce (we couldn't make that conclusion before because of awkwardness of having an ATH in a bear market).
However, this really doesn't change anything. If we put this data alongside on-chain metrics (especially the recent whale accumulation metric published Glassnode) we can argue that the sell off in the last months was actually the capitulation phase, signalling that we ended a mini- bull/bear duo and now accumulating for another leg up.
I am working on a more involved view on this, probably adding more commodities into the equation to get a better understanding of #Bitcoin's place in today's economy. Let me know what do you think in the comments.
Bardia