Now that he have reached a new all time high, but then again it was followed by a sell-off. Not surprised though, just the natural occurrence in this market, people sell at the top to make profits, simply as that.
That's how I read it. When we went back through the previous $20K ATH from December 2017 last year, there were two or three times when we got close to $20K, even passing it slightly and the price dropped again, until we managed to break the resistance clearly.
I think there has been mainly profit taking now, but that we will be back up again soon, and that the best is yet to come until the end of the year.
This is a period of profit-taking, but things will turn around soon. As I went through previous comments, I found that people thought that Bitcoin was dead and was going to crash. There was no possibility of it going that low. Now look at how much it has pumped. BTC has reached a new high recently and $70k is coming soon. It's possible that this bull run has been cut short due to a distinct difference. However, even 70k would be fantastic.
Is November/December going to be a high-flyer or will it dip a lot? There will be 100k next year if the cycles remain steady.
It there's something that history will tell us, November/December is a positive month for bitcoin. Even during the last bear cycle, we will see some occasional pumps, specially in December for profit taking. So what's more if we are in a great and super fast bull run right now. I'm not worried for those who sold to take it's profit, for sure they are going to buy again when the price is cheap and wait for the price to reach $70k-$80k again before doing the same. That's how it goes though, and I will be positive that we can even reach higher than that, maybe that 6 digits can be achieved this December or early 2022.
I think it's true that's there's still a lot of profit taking going on, mainly those who wished they had taken profits previously at $60K before price dropped in half, so without much knowledge of markets, Bitcoin's price movements or it's cycles, then there are many doing what they wish they had done early in the year. Unfortunately, completely unaware how the technical picture is very different to how it was 6+ months ago.
I also think the next level of considerable profit taking is more likely to occur in January 2022, as previously it was in December 2017, and before then November 2013.
Nov/Dec are often volatile months for Bitcoin, whether to the upside or the downside. Given the bull market continues, it seems more likely up than down.