đ On the 4-hour time frame, we successfully took 2% growth to the resistance level. At the moment we are seeing a reversal from the level and the beginning of a correction. I expect to see a drawdown of 3-5% in the near future.
BlackRock published a great Bitcoin report Key chart đ: âBITCOINâS LONG-TERM PERFORMANCEâ
The chart shows Bitcoinâs price movements from 2010 to 2024, highlighting four major bull and bear cycles:
âą First Cycle: 592x gain, -93% drop. âą Second Cycle: 555x gain, -84% drop. âą Third Cycle: 104x gain, -83% drop. âą Fourth Cycle: 21x gain, -77% drop.
Despite high volatility, Bitcoinâs cumulative return is 807,000x over 14 years. The overall trend shows significant long-term growth, outpacing bear market losses.
â This week, CME institutional investors reduced their long positions by 35%. Either they are hedging against some upcoming FUD, or this is a decoy to disorient the bulls.