As for the current weekly chart of Bitcoin, those who are still holding on must not rely on any support, but on the belief in the halving cycle.
After the last round of the 3.12 plunge, the market was in a mess, and all the contract leverages were liquidated. Why all? Because on 3.12, after the 50% spike blew up the longs, many shorts could not resist the temptation and turned around to join the long leverage to buy the bottom. As a result, there was another 50% 3.13 big spike to $3,800. No matter how many times you have leverage, all will be liquidated, leaving no one.
At that time, it was much worse than it is now. The cottage fell to dregs. In addition, countries had no experience in dealing with the new crown, and governments were at a loss. A large number of people died from the new crown every day around the world. Fear spread, and there was no hope at all.
But who would have thought that only one year later, the price of Bitcoin would rise from 3,800 to 64,800. Many copycats have risen dozens or even hundreds of times from their lowest point, and the worst ones have risen more than 10 times.
Of course, we don’t expect to be as spectacular as in 2021, but this little drizzle at the beginning of this year is not even worthy of carrying shoes for 2021.
