What is going on with Bitcoin? Likely a small dip before rising
After a stellar 60% rise from 29k to over 48k, Bitcoin has been in a continuation pattern since August 9 - floating between 45k and 48k. It is possible we get our first red weekly candle after a month of green. This isn't necessarily a bad thing. We have seen many cases where Bitcoin and other cryptos need to breath before dramatic rises and setting new all time highs. This is no exception. Ethereum has been doing the exact same. We are also entering a time in the market (August / September) where Bitcoin typically tests the bull market support bands and continues on from there. It did it last year before Bitcoin went parabolic - doing a 6X before topping out at 64k and then entering a temporary bear market as we were ahead of schedule. It has done it nearly every year for the past 5 years and when approaching from above, it holds it as support. The one year when it came from below was 2019 and it ultimately failed.
Now we are behind schedule (if we were to have kept pace with the prior cycle, Bitcoin should be approaching 90k) and that plays in line with lengthening cycle theory - that each bull cycle will be longer and more drawn out than the prior one. This isn't a time to panic sell but rather wait it it out and DCA dips as I believe the second leg of Bitcoin's bull market has just begun. 100k is likely, 200k is possible within the next year or so. 300k is a remote possibility but that would be the same returns as last cycle and I doubt that.
Right now I am neutral on Bitcoin, but only in the short term. I believe the fall and winter will be extremely rewarding. I find holding (or hodling) to be the best strategy in a bull run and selling / taking profits to buy lower when corrections are imminent. I don't see a greater fall than about 10% which to me isn't worth it. That's honestly just a bad day in crypto. In the meantime, altseason is upon us. That means Bitcoin is the coin to buy as it re-establishes dominance.
Happy trading!
Now we are behind schedule (if we were to have kept pace with the prior cycle, Bitcoin should be approaching 90k) and that plays in line with lengthening cycle theory - that each bull cycle will be longer and more drawn out than the prior one. This isn't a time to panic sell but rather wait it it out and DCA dips as I believe the second leg of Bitcoin's bull market has just begun. 100k is likely, 200k is possible within the next year or so. 300k is a remote possibility but that would be the same returns as last cycle and I doubt that.
Right now I am neutral on Bitcoin, but only in the short term. I believe the fall and winter will be extremely rewarding. I find holding (or hodling) to be the best strategy in a bull run and selling / taking profits to buy lower when corrections are imminent. I don't see a greater fall than about 10% which to me isn't worth it. That's honestly just a bad day in crypto. In the meantime, altseason is upon us. That means Bitcoin is the coin to buy as it re-establishes dominance.
Happy trading!
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