Re: Nocoiners desperately trying to say this is the end for Bitcoin
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.
It's already gone over the .786 level, and current is sitting right at it.
I know you're just playing devil's advocate. But I think looking at whats going on in the market erases any doubt that the $30k bottom is in.
In terms of grayscale buying, yes, we know for a fact they will continue buying. We don't know how much they will buy, could be less, could be more, but it's not like they are going to stop buying. We know for a fact Grayscale will continue to eat up a significant amount of supply every week. And we know institutions in general aren't going to suddenly stop buying, they bought the dip after all! Grayscale is a major market participate, their absence meant significantly less on the buy side for a few weeks, their return means significantly more on the buy side now - that's all you really have to know to make that equation. Retailers would have to dump significantly more bitcoin now than they did a few days ago to even get it back down to $30k, and they just saw how a sustained drive downward failed the past few days.
Normally this time is not different. But what we are clearly seeing in the market now is that it is, for obvious reasons. Sure the spot market has thin liquidity, which is why the price was able to drop to $30k in the first place, which institutions heavily bought up because they have a strong drive to continue buying. If the price dropped again now they'd just be back at the dinner table buying cheap Bitcoin. Price has already hit $40k this morning, $10k up from the drop and less than $2k to ATHs. This ended up not even really being a correction but just yet another several day bear trap.