Hello everyone ✋🏻
After the Bitcoin Halving in 2020, $BTC fluctuated for 150 days at a boring price between $9,000 and $11,000
We are now 60 days after the halving and people are extremely disappointed with the price action.
Meanwhile, if we scale previous cycles, we are still on track to reach 2016-2017
- 2012 rate: $105,703.96
- 2016 rate: $59,436.31
- 2020 rate: $67,777.19
Bitcoin has hit the $60,000 mark again. Since February, it has reached this level more than 10 times and once even dropped to $56,000 in a fake move before rising to $72,000.
Currently, the 200 daily moving average is around $57,000 and it is very possible that Bitcoin could stage another fakeout to gather liquidity and push towards $72,000.
In my opinion, these levels appear to be accumulations and turning points. Altcoins had no room to move and they started to show no reaction even to the decline of BTC and ETH. Everything will become clearer in the next few days.
Bitcoin dominance continues to peak at 58%.
In that regard, it seems we will be paying more attention to Ethereum than Bitcoin in the coming period due to Ethereum #ETF
Below are negative factors affecting the market this week:
- Huge revenue of #BTC by miners,
- Rumors that Mt. Gox will soon start distributing BTC,
- Declaration of the possibility of a third world war,
- BTC Spot ETF Withdrawals,We have started seeing these and similar news regularly over the past week.