This is only informational, I would not recommend shorting Bitcoin. But looking at the 5 most recent waves and the recent volume trend, I don't see Bitcoin pushing significantly past $5k with this cycle. Compared to the volume seen around the last peak in early Sept, it doesn't look like we've gained the traction needed to breakout to new ATH's.
I agree with the comparison of Bitcoin being sort of a safe haven asset similar to gold for many retail investors. In late August and early September, there was a lot of back and forth between North Korea and the US. It was looking like we could of possibly been on the brink of nuclear war. These fears of global warfare and the brief downturn in equities markets (US & Asian) that followed is what I believe brought in new buyers and fueled heavy Bitcoin trading volume in the previous run up to $5k. A conflict could obviously still occur, but for now fears seem to have sub-sided. And given the performance of major equities markets since early September, retail investors don't have much incentive to move funds out of seemingly safe equities and into seemingly risky cryptocurrency.
#bitcoin #longtermhodl #crpto #cryptocurrency $BTC $ETH $XRP
I agree with the comparison of Bitcoin being sort of a safe haven asset similar to gold for many retail investors. In late August and early September, there was a lot of back and forth between North Korea and the US. It was looking like we could of possibly been on the brink of nuclear war. These fears of global warfare and the brief downturn in equities markets (US & Asian) that followed is what I believe brought in new buyers and fueled heavy Bitcoin trading volume in the previous run up to $5k. A conflict could obviously still occur, but for now fears seem to have sub-sided. And given the performance of major equities markets since early September, retail investors don't have much incentive to move funds out of seemingly safe equities and into seemingly risky cryptocurrency.
#bitcoin #longtermhodl #crpto #cryptocurrency $BTC $ETH $XRP