Has Bitcoin finally finished selling off?
I believe Bitcoin is VERY close to forming a bottom. The market is selling off due to the Fed meeting, COVID is raging, numbers are on the way, people are getting liquidated, blah, blah, blah…
Bitcoin is performing perfectly in line. It has deviated from historical price action. I believe that is due to lengthening cycles and diminishing returns. I know you hate to hear it, but it looks like Bitcoin’s halving cycle is taking longer to reached expected prices based on S2F. This is not a bad thing! As the crypto markets mature, become more stable, and regulated, we can expect and accurate predictability of price action to decrease. This is a sign of the maturation, adoption, and most importantly, the HODLING of Bitcoin .
What we can expect in 2022:
– regulation and possible approval of spot products
– institutional adoption
– China selling pressure to decrease
– Saylor and Co. to buy more, along w/ other billionaires
– Hash rate to continue to rise and recover from current (12%) drawdown
– More involvement in the metaverse
– 1-2 countries to accept it as legal tender
– Adoption, adoption, and more adoption
Destiny Arrives All the Same.
Looking at the charts:
– BTC is experiencing heavy sell pressure
– BTC is respecting the bump and run TL
– Throwback retest is textbook
– BTC is in a critical range that will decide its next move (up or down)
– BTC .D near 32% which is the region where altcoins explode
– Altcoins showing strength against BTC
– is at its bottom, IMO
– could go lower which would take price w/ it
– is EXTREMELY oversold (as much March 2020)
– not flashing any signals
Bitcoin is shaking out weak hands, heavy leverage, and selling off due to the Kazakhstan internet shutdown. Bitcoin market cycle don’t end in extreme fear… they end in extreme euphoria. Retail has yet play. The markets are shedding, do not sell to the whales. Bitcoin will recover. Bitcoin will endure.