Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
This was an impressive shakeout.
Reminds me of the one in the week of 18th Nov 2013, it crashed down from a top of 800 to 450, everyone was like: "That's it, it's over guys, bubble has popped."
Then it slowly resumed the climb, at some point the sellers had to buy back in, and this baby went from 450 to 1200
A similar scenario might be unfolding right now.
I think this rally is not over yet.
Reminds me of the one in the week of 18th Nov 2013, it crashed down from a top of 800 to 450, everyone was like: "That's it, it's over guys, bubble has popped."
Then it slowly resumed the climb, at some point the sellers had to buy back in, and this baby went from 450 to 1200
A similar scenario might be unfolding right now.
I think this rally is not over yet.
If it does rally again in the same fashion as you are describing, it will also be headed for a large, deep correction (exactly what happened after 1200). What would be "better" would be some sideways for a while.
We both know that won't happen though.
It will be either:
1 - FOMO re-engages, it goes parabolic, then it dumps and we see another protracted bear market. Some people make a mint, more castles are bought, most lose a shit-ton of money and it results in more damage to trust in BTC and crypto as a whole.
2 - This is "Return to Normal", rally loses steam, more dumps but less risk of a long term bear market and much less damage overall.
We'll know in the next 12h I think.
I'm betting on option 2
Anyone else care to place their bets?