Place your $GME gains in $BTC. It's time to hold the line in $BTC.
Elon Musk changed its description to "Bitcoin" and Bitcoin pumped 20%. Afterwards it dumped like you can expect from these type of fundamentals.
But it actually broke its bearish pattern, retested the previous trending channel and is now again rising and growing organically.
The dip from ATH (8 Jan) to the next lowest point (22 Jan) is -31% which was somewhat the average dip in the market cycle of 2017.
Also the dip lasted around 14 - 17 days which is very close to the average duration of a dip in 2017.
You can see an overview of the dips in the bullrun of 2017 here: Strong pullbacks of 2017 market cycle
There were around 9 dips in that cycle, so if Bitcoin would follow the same path this would be the first real big one!
Depending on what sources and data you use you might come up with different numbers.
Lastly: Hedge Funds are now trying to short Bitcoin with billions: Hedge Funds are short #Bitcoin
A Short Squeeze similar to what happened with $GME is a bit over the top *haha* but Hedge Funds closing their short positions in Bitcoin would also cause price increase but way more slowly.
As a comparison Elon Musk changing his Twitter description liquidated $420 million worth of net short positions in Bitcoin in 4 hours just because of one word.
Elon Musk changed its description to "Bitcoin" and Bitcoin pumped 20%. Afterwards it dumped like you can expect from these type of fundamentals.
But it actually broke its bearish pattern, retested the previous trending channel and is now again rising and growing organically.
The dip from ATH (8 Jan) to the next lowest point (22 Jan) is -31% which was somewhat the average dip in the market cycle of 2017.
Also the dip lasted around 14 - 17 days which is very close to the average duration of a dip in 2017.
You can see an overview of the dips in the bullrun of 2017 here: Strong pullbacks of 2017 market cycle
There were around 9 dips in that cycle, so if Bitcoin would follow the same path this would be the first real big one!
Depending on what sources and data you use you might come up with different numbers.
Lastly: Hedge Funds are now trying to short Bitcoin with billions: Hedge Funds are short #Bitcoin
A Short Squeeze similar to what happened with $GME is a bit over the top *haha* but Hedge Funds closing their short positions in Bitcoin would also cause price increase but way more slowly.
As a comparison Elon Musk changing his Twitter description liquidated $420 million worth of net short positions in Bitcoin in 4 hours just because of one word.
Comment:
New ATH! Strong breakout and $40k and $37,7k are now good support levels. Next conservative target would be around $50k.
