Bitcoin Bear PA key moments are listed here - the RED vertical lines are interest rate riaises by US FED.
Nov '21 TAPROOT installed on Bitcoin Network, after which PA reverses. Slow "Bear" market takes hold and PA slides down FED has 1st Rate Hike in a very long time in March '22, Bitcon PA actually Rises. 2nd Ratehike by FED on early May News comes out that LUNA maybe having trouble and people begin getting nervous LUNA Collapses, Slow Bleed, effect being negated by 4th week after and next green candle. Confidence begins returning Till News comes out that FED maybe looking at a larger rate hike. The timing is perfect, like Hitting a wounded animal ** 1st 75 point Rate Hike causes Large Drop in PA as more companies struggle From here, the effect on PA of 2 more 75 point rate hikes are Minimal by comparison. PA actually recovers some.
** Another 75 point raise is too much and FTX is brought down. The Timing is perfect but after weeks of uncertainty and bad sentiment, BTC PA makes a rapid recovery
Without these 2 things, PA could very possibly be around 37K right now and would have been the least damaging Bear market in BTC, Less than the normal 80%. And what we REALLY need to take into account here now, is what is going to happen on 1st Feb. TradFI ( the FED is KING odf TradFI) is threatned by Crypto....What will happen if they bring in another 75 points ? NOT A LOT...as previously shown, Bitcoin was NOT dumped by the 2 middle raises as the Coins are held, Future profits secured. So long as no more companies are brought down, Weak hands destroyed or played.....then We should be OK from here However, This is a War between the old Monopoly and the New Kid on the block....and all is fair in Love and War. Be cautious, enjoy the ride and trade safely - the likely hood is that 2nd half 2023 is not going to be kind..... Time Will tell
So is the bull here or not? Great chart by the way.
Orriginal
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@irunlite601, Thanks As for the Bull ? If I am honest, Nope..Not yet.. I thinkn given the chance, PA will recover to around Mid 40K by summer this year and then probaby range ina choppy style....2024 is the year we see things really get going again...at least, thats how I see it for now..But as we all now, things can change quick....
YvYc_Always
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@Orriginal, Ok got chat! I currently in buys on Forex. I'm thinking price will hit the 23780K area. I hope to get some quick scalps in today.