The cryptocurrency storm escalates again! Is the Bitcoin pullback a turning point for the bull market?
This time Bitcoin has finally pulled back, making people a bit uneasy, fearing that there will be a significant drop in the future, a price crash. But actually, from a common sense perspective, such a drastic drop is unlikely to happen.
It is said that this pullback is due to those long-term Bitcoin holders cashing out, rather than interference from ETFs. This indicates that when Bitcoin reached the 100,000 mark, some big players felt the price was about right and wanted to cash out and leave. Meanwhile, institutions have been continuously buying, maintaining the high price of Bitcoin.
The current situation is that institutions are buying while long-term investors are selling, creating a delicate balance. If Bitcoin crashes, it would mean that the institutions have been cut down. But institutions are large, and this small amount of money is nothing to them.
With the arrival of Thanksgiving and Black Friday, institutional funds may not come in, while funds in the crypto space are flowing out due to the holidays and shopping, hence the market is being suppressed.
Where will Bitcoin pull back to? From the chart, the possibility of pulling back to around 90,000 is high; this position is a support point, and it might be worth considering to add positions. Further down, 87,000 is also a support level; reaching this price would be a great opportunity to buy cheap.
Don’t forget, we are still in the first half of the bull market, the real carnival hasn’t begun yet. Don’t lose confidence due to this small pullback. A pullback, consolidation, and then gathering strength to rise again is a good thing for the progress of the bull market.
As it drops, I will look for the coins I am optimistic about and slowly increase my positions, buying more as it falls. Remember during the last bull market, Bitcoin also pulled back 15%, then consolidated for about a month before slowly rising again. This round of the bull market is very similar to the last one, but the decline may not be as large, around 10% should be about right.
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