⭐ Merited by fillippone (2)
I just want to add you another reason why I see it difficult for bitcoin to fell below 10K, let alone 5K.
This following graph highlights the days where bitcoin stayed above a given level:
You can notice that when an arc is formed, the highest point where the count does not start again is around 100.
Being the last arc on the right, the one of days above 10,000, well above 100 days, I am afraid we won't ever see again that level.
I do agree that we will probably not see under 10k again, just like how we moved from 700 dollars to 20k dollars in 2017 and never saw under 3k again, that means there are prices we do not fall under and no matter how many times we crashed after that, we never saw under 3k ever again, it was always over 3k. Same applies here, I agree that we will not see under 10k from now on, even in many crashes that could happen in the future, we are going to see the price go up and be better, however that is not going to change one thing that is eternally true ; it will not be due to the chart analysis.This following graph highlights the days where bitcoin stayed above a given level:
You can notice that when an arc is formed, the highest point where the count does not start again is around 100.
Being the last arc on the right, the one of days above 10,000, well above 100 days, I am afraid we won't ever see again that level.
The major movements in bitcoin do not care about charts like these, they can move beyond 100k or under 10k and chart could say whatever it wants to say and people will ignore it and keep on selling to make it go under if they want to. I just agree to it because I feel like there is way too much bitcoin required to go under and with institutional investors holding, I doubt there are enough bitcoins to be sold on the market that quickly.