đšđ„ BITCOIN UPDATEđ„đš
$74k WAS THE BITCOIN TOP
Anyone saying such things simply doesn't understand the crypto cycle and on-chain indicators.Â
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Here's why $74k is not the Bitcoin top
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1) On-Chain indicators signalling correctionÂ
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Every major on-chain indicator like the MVRV Z-Score, NUPL, and Pi Cycle Top is indicating a normal correction, which usually happens during every bull run.
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2) No Major drop
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During the 2017 peak, BTC dropped 50% in a monthÂ
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During the 2021 peak, BTC dropped 40% in a month
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This time, BTC hit a new ATH of $74K on March 14th, and since then, it's only been down 16% in 45 days.
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This clearly indicates a mid-cycle correction rather than a blow-off top.
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3) Bitcoin pricing in every major FUD
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Since Bitcoin Halving, several FUDs like Mt. Gox selling, FBI warning, rate cut delay, and a war situation have hit the market, but BTC is still trading above $60k
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This type of strength usually occurs only during a bull market.
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4) More Bullish News Coming
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From tomorrow, Hong Kong Spot ETFs will start trading
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Along with that, the Australian Securities Exchange is also expected to approve Bitcoin ETFs in 2024
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FASB rule, rate cuts will happen in 2024 too, and the market hasn't priced in these events.Â
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So, don't overthink the BTC top and use this opportunity to DCA into your favourite coins.
#Fed #Megadrop #BinanceLaunchpool #NFP #ScamRiskWarning đ„đŻđđđđ