An interesting situation in the market before the elections. A mini rally that brought Bitcoin right under ATH, but fell short by $200 on crypto exchanges. They managed to drag it on CME and went blind. 🫡
At the same time, we see the ATH in open interest on BTC – over $40 billion. It is already being said that the elections will work as 'Sell on news'. I see again the drawings that Bitcoin is expected to be at $40-45k and all long positions will be wiped out. Well, it even sounds obvious, doesn’t it? Bitcoin can’t grow when so many longs are stuck?
Now, what I specifically think ⬇️
1) Regardless of who wins the elections, the market will go globally up. Right now we are seeing such a halt and pullback in the market due to investor uncertainty before the elections; 📊
2) The longer we stay under ATH and slightly decline, the less confidence there will be among Longs. Some will take profit, for some the funding will eat up the position that was opened a long time ago 'and we remember that the sideways movement lasted almost 250 days'. Therefore, a small shake-up during the elections could seriously undermine people's faith; ⚖️
3) I have repeatedly seen how different services showed an extremely large volume of open longs, and liquidation maps showed that there were a lot of players stuck at the bottom, and this happened at key moments for the market – but the price of Bitcoin did not go to collect these liquidations. ❌
I'm not a fortune teller, but I've tried to explain my vision from different angles. Soon we will find out how it will actually be. 🙂
