Re: Nocoiners desperately trying to say this is the end for Bitcoin
⭐ Merited by suchmoon (4)
And now the correction is over and Bitcoin is back to $38k haha. Bottom was $30k, bears celebrated for all of what like 3 days now they have to go back into hiding until they claim bitcoin is dead at the next correction!
Let me play devil's advocate for a moment.
There is the failed mode (horizontal resistance) at ~$40K and the 0.886 "last chance, bears!" Fib level at $40.6K. I'd like to see BTC conquer those levels before celebrating.
There is still a distinct possibility that this is an ABC "B wave" correction bull trap, just like the one we saw in the June 2017:
We are currently in the exact same Fib zone. Just tagged the 0.705 earlier today.
Grayscale starting buying again yesterday apparently. As I've said on here in recent weeks, the only chance for a serious correction any time soon was this month while Grayscale isn't buying (I thought they wouldn't be buying for another two weeks but their break was shorter than I thought). And what do you know, the 3-day / 28% correction ended the day after Grayscale started buying again. Weak hands can't beat $300 million or so in weekly buys from Grayscale + all other institutional investment + retail buyers.
Past performance does not guarantee future results. Are we sure inflows in Q1 will continue at the same rate?
Anyway, I know it's tempting to say this time is different but.....sometimes it's not. Institutions have entered the arena but that doesn't completely end the emotional and volatile nature of this market. The spot market is ruled by (thin) liquidity and sentiment, and isn't necessarily just ruled by the notion that institutions are buying.