Parabolic bitcoin price growth this year was a trap for the "bears".
The explosive rise in prices is the usual short squeeze, which was initiated by cryptocurrency exchanges and big players, while real investors are waiting for a healthy recovery to start buying again. “Short-squash, devoid of any real volumes of investors ... I am waiting for this pump, managed by the exchanges, to end, and there will be a proper recovery. I believe that only then investors will come to the market, which will begin a real bull market.
Short-squash occurs when most traders open short positions (lower prices, short). In an effort to knock them out of the market, large players began to buy huge amounts of Bitcoin, raising the price, forcing the shortsists to close their positions. This price movement is usually very fast.
When most of the shorts are eliminated, the short squash closes, since there is no longer any sense to keep buying. We are now at this stage: “At the level of $ 8000-9000, the majority moved from short positions to long ones. This limited the short squeeze ...
Currently, the bitcoin market price has outpaced the influx of organic investors. Never before have we seen such a divergence at such an early stage of the bull market.
The analysis is not pessimistic, but represents a cautious approach to the explosive growth of prices. The conclusion is that, with a probability of 95%, the bottom of Bitcoin has already been passed in the current market cycle. If you like my work, please support it by clicking the LIKE button! Thank you for your interest!
Bitcoin going to $82,352 long term (Elliot Wave Count)
mbc47
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@alanmasters, would you buy it at level? What a bs
anon541
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@mbc47, If you see BTC prices rising to those levels, people might start thinking twice about the value of their currency.
Isosceles_Trade
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You should credit woonomic before you copy all of his tweets
ReallyMe
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In contrast to the herd I represent a diametrically opposed view.
The upshot of the idea is that after three supercycle motive waves up (2011, 2014, 2017) we might be in for a huge A-B-C correction this time around.
I am not yet saying that I was right, it is too early to judge, but it still looks possible to me:
PinkCryptoVN
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@ReallyMe, Have you heard about the halving BTC in May 2020?
ReallyMe
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@casidom, Yes, I have. And have you seen what happened to LTC after halving?
PinkCryptoVN
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@ReallyMe, Yes, I have. That's why BTC may go to 7.5K.