Bitcoin had a bit of a drop today and as you know from my last post: I am expecting any big move to be to the downside.
I am still leaning bearish on Bitcoin, but I am not going to short it. The price has just not been volatile enough and you have to pay interest to short. I don't want to be stopped out due to interest payments lmfao.
My target on a breakdown is still $5,000. I wouldn't be surprised to see a $1,000 bitcoin again. You must be prepared for THE worst.
Still think overall BTC is bullish. I also believe this accumulation phase will be much quicker compared to last one (see chart). The reason why I think so is because of all those crypto projects (coins, token) that popped out last cycle. I believe they function as as a catalyst this time. With token/BTC trading I increase my BTC quite effective and institutions do same. This should lead to a much quicker reduction of BTC supply.