I read a blogpost last week stating that Bitcoin chart isn't bearish.
Although the Bitcoin chart appears like it's a double top formation on the high timeframe.
This was the formation it had before the breakdown in 2021.
I am just wondering if this time is different.
Are institutions and Government demands on Bitcoin able to save the chart this time?
Do let me know your thoughts.
"This time is different" is a most classic saying in any financial market. People mostly believe that this time will be different but the market and reality are usually very opposite than what they hope for. It means market has its own history, market cycle and often repeats itself.
In other words, market usually does not move different than past cycles and if you bet on probability of "this time is different", you are taking very high risk of becoming a loser in this market.
Will this market has longer bullish time than past market cycles, to be honest, I don't know but I don't bet on "this cycle is different" as my priority is defending my fund. History can be changed but let it be, and before a new history of Bitcoin market cycle is confirmed, I don't gamble on it.