We have come perfectly down to our 200 ema as we do so often in bull markets. I expect BTC to now begin a slow grind back to 60k range again before breaking to ATH again after summer is over.
I would think twice about that. Look at the broken head and shoulders neckline. It was confirmed with this day’s close below $44,400. We are heading to 31-35k
Crypto_Simp
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@HODLtheSqueeze, that would be more than a 50% drop...highly unlikely in a bull market
HODLtheSqueeze
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I think bull market is over in the short-(possibly mid-) term
Crypto_Simp
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@HODLtheSqueeze, "I expect BTC to now begin a slow grind back to 60k range again before breaking to ATH again after summer is over." Im calling for new aths after summer not right now. However, people that bought in march most likely have sold by now. BTC wont drop below 40k as it is in an accumulation range until eventually we run out of sellers and the price has to go higher. So most likely we go sideways for a few months then we break 60k and head to 100k+
HODLtheSqueeze
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You may be right. However, I believe there is still too much uncertainty in the BTC/Crypto space right now to achieve the amount of institutional involvement that will be needed to push higher than 100k. That being g said, I believe if prices fall within the 30k range, it will open many more doors and seem like a greater investment for institutions to get behind. This will then fuel a push for 75k by EOY and 100k next spring. IMO
Crypto_Simp
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@HODLtheSqueeze, take a look at lookintobitcoin.com and see where the fib top is currently at. also stock to flow is a good long term model
OfficialSkoL
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@Crypto_Simp in 2013 bitcoin dropped more than 50% after it hit 200. It sank all the way to under 100. Then it ran to 1000 a few months later. We only have sample size of 2. But this fits 2013.
bed87
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PUSH THIS STUPID PUPPY!
HODLtheSqueeze
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People who bought in during the lows of March 2020 have over 500% in gains. This is profit taking season. Compare this to the spring of 2018