$BTC Brothers, the current market situation seems to be going down. When it rises to 69600.7, you can go short. Brave brothers can enter with more than 500, the Asian game is so ridiculous I guess it won’t go much higher. I don’t expect it to break through 70,000 today. A downtrend pattern begins.
Bitcoin Currently in ‘middle of the Bull Run’ — Grayscale Report Historical Bitcoin (BTC) market cycle indicators show that the crypto market is “presently in the middle of the bull run,” backed by a mix of strong fundamental and technical factors, according to a recent report from Grayscale. It is not easy to determine the onset of crypto bull runs apart from the fact that BTC price has often peaked 8-11 months after Bitcoin supply halving. Grayscale analysts set out in a recent report to outline the key elements of a bull market. These factors were broken down into the precursors and the “fifth inning,” showing where the market currently stands. Precursors to a crypto bull run According to the report, crypto bull markets have previously begun with a surge in Bitcoin’s dominance. “This trend emphasizes Bitcoin’s role as a leading indicator for the broader crypto market,” the report added. Typically, a rally in altcoins is preceded by growth in BTC price as investors “venture into higher-risk, cryptocurrencies in search of greater returns” buoyed by their Bitcoin profits. Grayscale analyst Michael Zhao said, “This dynamic was observable during the 2021-2022 bull run, a period where Bitcoin’s gains were swiftly followed by a significant uptick in altcoin valuations.” Source: Grayscale After analyzing Bitcoin’s market value, Grayscale analysts stated that the metric displayed a “familiar pattern” where BTC’s increasing dominance paves the way for a rally in altcoins. However, three unique catalysts distinguish this cycle from the previous ones: spot Bitcoin ETF inflows, positive stablecoin inflows and decreasing BTC balance on exchanges. “The first pivotal difference in this bull market compared to previous ones is the rapid change in positive market dynamics, largely influenced by spot Bitcoin ETF inflows,” noted Grayscale. Since their approval on Jan. 10, capital inflows into spot Bitcoin ETFs have consistently surpassed BTC “issuance by a magnitude of more than 3 times as of mid-March, which has put upward pressure
After following our previous direction BTC made a FLAG PATTERN As you can see in the chart I still think that we may see a further consolidation pattern on BTC first with the possible triangle pattern to form on the short term. This can be also become the bullish pennant structure in the higher time frame as preparation for another leg higher as well. I don't really care about the short-term price action because in the long run, it's still very bullish. So every downside movement will be our best opportunity to buy the dip as well.