Bitcoin has dropped to the important 90,000 mark‼️ Why does a high-level pullback mean the madness of the bull market will stop once it occurs⁉️
I believe I have mentioned this point to everyone more than once in the following article. Why does the madness of the bull market end once a high-level pullback occurs? Here the madness ends. It does not necessarily mean a decline 📉
Throughout the entire bull market process, the craziest phase of Bitcoin's rise has already passed. This time, Bitcoin rose from 60,000 to around 100,000. It took only a month. The rise during this period was insane, without any pullbacks, surging straight up ⚠️⚠️
Why does such madness occur⁉️ I have talked to everyone about this, so everyone has a consensus about Bitcoin breaking the historical high of 73,000. I believe those who held Bitcoin did not sell during the last bull market at 73,000, so choosing to hold must mean they want to hold it to 80,000 or even 100,000. Therefore, first of all, on the consensus of Bitcoin holders, it is allowed for Bitcoin to rise to around 100,000 without facing any selling pressure. So during the entire process of Bitcoin's rise, it has surged so fast without facing any selling pressure. It has been a green light all the way, rising smoothly.
However, currently, after Bitcoin rises to around 100,000, it has basically satisfied the preliminary profit situation for these people. Before any pullback occurs in Bitcoin, everyone will be dizzy from the rise, and there will be a kind of madness, such as wanting to take Bitcoin to 120,000, or even rising straight to 120,000. Some might aim for 200,000, this is the madness in a bull market. 🩸
So what I mean by the madness being ended today is that Bitcoin did not surge to 100,000 or even 120,000 in one go. In fact, this serves as a warning to the market. This round of decline will create a lot of selling pressure for Bitcoin's future rise. Many profit-takers may have been hot-headed at that time, thinking about not selling until it reaches 120,000, but now after this round of decline, a considerable portion of profit-takers will choose to sell Bitcoin around 90,000 or 100,000, which will bring some selling pressure to Bitcoin. Therefore, the subsequent rise of Bitcoin will no longer be as crazy as this round of 60,000 to 100,000. 👌👌
