đ„AE ARE WITNESSING HISTORY! đ€©
Chart $BTC on Binance is only recorded from August 2017. Hey guys
If you want to track Bitcoin prices from the beginning, look for the BLX chart on TradingView (recorded from July 2010)!
đThe BLX chart shows BTC's 1M candle cluster over the past few months which is quite strange and unprecedented in history. The price approached the old peak, then went sideways for more than 130 days, causing the altcoin to fall deeply.
In previous times, the price usually only took a few weeks to break out each time
when reaching the old peak! (This time the old peak was 60k - 70k).
đ€SO WHY IS THE DIFFERENCE HERE?
In my opinion, Bitcoin started to look different in 1999
2021, when price $BTC creates a pattern of 2 peaks and a downtrend. The second peak was at 69k in November of that same year, causing many people to swing at the peak, because KOLs and groups shouted super cycle, BTC 120k soon! đ„șđ„ș
đMaybe it's the growing scale that's causing the price movement
The Bitcoin market is different. Especially in 2024, when the BTC ETF is approved, and traditional investment institutions (TradFi) begin to participate.
These organizations CANNOT let BTC prices fluctuate too much,
Because they don't want TradFi people to be afraid as soon as they step into crypto. As a result, Bitcoin price has been sideways in a large frame for the past 5 months.
đAnother reason why BTC price is acting strangely is that
is the influence of the islander is reduced.
In previous halvings, miners caused the price $BTC to plummet
because they need to sell coins to reinvest and upgrade new plows. This time, the BTC miners sold was absorbed by ETF funds, helping BTC maintain its price.
đ”In short, the game is becoming more and more unpredictable, everyone just stay calm and spread your capital, don't go anywhere in a hurry!
