$74k WAS THE BITCOIN TOP
Anyone saying such things simply doesn't understand the crypto cycle and on-chain indicators.
Here's why $74k is not the Bitcoin top
1) On-Chain indicators signalling correction
Every major on-chain indicator like the MVRV Z-Score, NUPL, and Pi Cycle Top is indicating a normal correction, which usually happens during every bull run.
2) No Major drop
During the 2017 peak, BTC dropped 50% in a month
During the 2021 peak, BTC dropped 40% in a month
This time, BTC hit a new ATH of $74K on March 14th, and since then, it's only been down 16% in 45 days.
This clearly indicates a mid-cycle correction rather than a blow-off top.
3) Bitcoin pricing in every major FUD
Since Bitcoin Halving, several FUDs like Mt. Gox selling, FBI warning, rate cut delay, and a war situation have hit the market, but BTC is still trading above $60k
This type of strength usually occurs only during a bull market.
4) More Bullish News Coming
From tomorrow, Hong Kong Spot ETFs will start trading
Along with that, the Australian Securities Exchange is also expected to approve Bitcoin ETFs in 2024
FASB rule, rate cuts will happen in 2024 too, and the market hasn't priced in these events.
So, don't overthink the BTC top and use this opportunity to DCA into your favourite coins.
