Total speculation for fun only.
The Crypto community is definitely at the belief stage with the recent break out.
Talks of the being a distributional structure are going around. Personally I do not see that myself. I am seeing an accumulative structure. Reasons why?
1. Lack of supply. Record amounts of BTC is being taken off exchanges and liquidity reserves held on exchange wallets has fallen off a cliff. You can view the data on Glassnode and Crytpoquant.
2. Repeated shake out / liquidity events. Institutions are constantly pushing price down in order to accumulate at lower prices. These sell of events are not sustained and absorption happens very quickly hence the lack of continuation to the downside.
3. Every Tom, Dick and Harry has not jumped on the Bitcoin or Alt coin train yet. Retail is here and coming in steady numbers ... but when your mom tells you that your cousin just bought some Polkadot and they sent a message for you to perhaps invest in Etherum too then you know its time to get out :)
Take it with a pinch of salt although I do see some substance in it.
I am conducting deeper technical analysis on a daily basis if you wish to follow or have questions let me know :)
The Crypto community is definitely at the belief stage with the recent break out.
Talks of the being a distributional structure are going around. Personally I do not see that myself. I am seeing an accumulative structure. Reasons why?
1. Lack of supply. Record amounts of BTC is being taken off exchanges and liquidity reserves held on exchange wallets has fallen off a cliff. You can view the data on Glassnode and Crytpoquant.
2. Repeated shake out / liquidity events. Institutions are constantly pushing price down in order to accumulate at lower prices. These sell of events are not sustained and absorption happens very quickly hence the lack of continuation to the downside.
3. Every Tom, Dick and Harry has not jumped on the Bitcoin or Alt coin train yet. Retail is here and coming in steady numbers ... but when your mom tells you that your cousin just bought some Polkadot and they sent a message for you to perhaps invest in Etherum too then you know its time to get out :)
Take it with a pinch of salt although I do see some substance in it.
I am conducting deeper technical analysis on a daily basis if you wish to follow or have questions let me know :)