I'm observing this likely bullish pattern with a potential return of the BTC price to around $34,000. Went short following the completion of a bearish pattern on the H4 timeframe (bearish H4 Gartley) at $71,400. First TP at $51,000 and the second at the B point of the pattern (I would buy if it goes there to sell at point C). Final TP and reverse at point D around $34,000.
Narratives (ETFs, halving, RWA, etc.), the prevailing euphoria ("it can only go up"), and my contrarian mindset lead me to anticipate a severe price correction. It will likely need an external catalyst, I'm not sure, but fundings and the leverages are too significant, and the BTFD are resurfacing. Yes, BTC is bullish, the narratives are bullish, liquidity is entering the crypto market, but in my opinion, the risk/reward is more interesting from the seller's side.
I still hold my BTC ;) and remain very bullish in the VERY long term.
Narratives (ETFs, halving, RWA, etc.), the prevailing euphoria ("it can only go up"), and my contrarian mindset lead me to anticipate a severe price correction. It will likely need an external catalyst, I'm not sure, but fundings and the leverages are too significant, and the BTFD are resurfacing. Yes, BTC is bullish, the narratives are bullish, liquidity is entering the crypto market, but in my opinion, the risk/reward is more interesting from the seller's side.
I still hold my BTC ;) and remain very bullish in the VERY long term.