If history repeats itself and follows the last halving cycle, in 2017, we saw a 28x increase 17 months after the halving. The last halving event was May 22, 2020, and BTC was valued at $9670.
Look at the volume difference. There are still so many holders that need to be liquidated before we see a rise and even then to say we hit ATH's in this same run is not supported by anything but the hope of previous Bull Cycles being similar forever.
OfficialSkoL
⋅
@NoOneWhoIsSomeone I've been confused by volume. is that volume as in number of bitcoin moved? or is it volume in raw billions of dollars? because 2021 undoubtedly is moving way more money in dollars than 2013. Thanks for reading and answering.
NoOneWhoIsSomeone
⋅
@vertheint, From my understanding the Volume Indicator is visually showing how many buy and sell transactions are done in a single week. The overall movement of BTC's through the market. Ideally, you want to see high volume at the very beginning of a rise and low volume on any significant drop. High volume on rise means Buyers are strong and gives strong support. Low volume on drops mean sellers have a good likely hood of being weak and thus gives the rise a better chance. For this specific situation, this is more complicated because we see low volume on the drop but almost every other indicator is screaming Bearish. The thing about BTC is there are many deep holders that have room to drop to low to mid 20k before panicking. This is why I believe those holders have to liquidate so we can finally see fresh buying pressure. You never want to base your analysis on one specific indicator and need multiple indicators to support each other to reach a solid thesis.
OfficialSkoL
⋅
@vertheint specifically talking about the volume shown in this graph