Lately, my posts have tilted bearish regarding Bitcoin. Following a notable drop in volatility, I anticipated a breakout. Historically, in pre-halving years, we've observed a balance between bullish and bearish trends. Consequently, based on past data, there was a statistical likelihood towards a bearish trend for the latter half of this year.
However, bulls have reasons for optimism. Drawing parallels to the 2016-2017 market phase, Bitcoin experienced around seven crashes ranging from 30% to 40% before reaching its peak at $19,800.
Given that 2023 has already seen three declines of more than 20%, bullish investors might be projecting a similar trajectory to 2016-2017: a steady ascent followed by 'minor' crashes.
Despite these comparisons, I'm somewhat skeptical. The financial landscape has evolved substantially with factors like inflation, fluctuating interest rates, and yield inversion. I project a potential dip to the 20k mark, possibly lower, followed by sideways movements and a resurgence of bullish momentum around November/December.
While I remain cautious, this pattern offers an interesting perspective for discussion, as it symbolizes the primary optimism among the bulls.
What's your take? Will Bitcoin surge again? I welcome your insights. 🙏
However, bulls have reasons for optimism. Drawing parallels to the 2016-2017 market phase, Bitcoin experienced around seven crashes ranging from 30% to 40% before reaching its peak at $19,800.
Given that 2023 has already seen three declines of more than 20%, bullish investors might be projecting a similar trajectory to 2016-2017: a steady ascent followed by 'minor' crashes.
Despite these comparisons, I'm somewhat skeptical. The financial landscape has evolved substantially with factors like inflation, fluctuating interest rates, and yield inversion. I project a potential dip to the 20k mark, possibly lower, followed by sideways movements and a resurgence of bullish momentum around November/December.
While I remain cautious, this pattern offers an interesting perspective for discussion, as it symbolizes the primary optimism among the bulls.
What's your take? Will Bitcoin surge again? I welcome your insights. 🙏
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