Hello everyone ✋🏻
After the #Bitcoin halving in 2020 $BTC ranged 150 days in a boring price range between $9,000-$11,000
We are currently 60 days after the halving and people are deeply depressed about the price action
Meanwhile if we scale previous cycles we’re still on track to have a 2016-2017 run
2012 scaled: $105,703.96
2016 scaled: $59,436.31
2020 scaled: $67,777.19
Bitcoin has hit the $60,000 mark again. Since February, it has reached this level more than 10 times, and even once dropped to $56,000 in a fake-out move before climbing to $72,000. Currently, the daily 200 moving average is around $57,000, and it's highly likely that Bitcoin could make another fake-out to gather liquidity and push towards the $72,000 level. (It has made a similar move before.)
In my opinion, these levels appear to be an accumulation and turning point. #Altcoins have no more room to move, and they have started to show no reaction even to the drops in BTC and ETH. Everything will become clearer in a few days.
Bitcoin dominance continues to peak at 58%.
In that regard, it seems likely that we'll be having more eyes on Ethereum rather than Bitcoin in the upcoming period due to the Ethereum #ETF
Here are the negative factors affecting the market this week:
- Heavy #BTC sales by miners,
- Rumors that Mt. Gox will soon begin BTC distributions,
- Statements about the possibility of a third world war,
- BTC spot ETF withdrawals,We have started to see these and similar news frequently in the past week.
