According to One Year chart, I think to have touched the bottom, at leat in theory it has exited the descending channel, MACD below still 0 but uptrend, and we are going to see it to test 40K resistance line.
Though Bitcoin is not looking good right now, but I think BIT would stay above 30K, psychologically speaking institutionals are buying at this level, why? because they are (secretly) accumulating it for their portfolios, they are planning for their future ETFS, in sum, they want a piece of the meat too!
They missed the first ride, just like many TECH plays in november 2020, now they want to repeat the same play. it is a psychological behaviour pattern. Just look buyers of NIO, XPENG and LI or SPACE etc, now the major players are FUND managers...
I think bitcoin may re test 30K or even lower, but I see no danger ahead. As long as bitcoin stays at the current stage, it will go to 40K then 44K, and many of the small retail investors will MISS the boat because institutionals will push bitcoin up at speed of light.
Though Bitcoin is not looking good right now, but I think BIT would stay above 30K, psychologically speaking institutionals are buying at this level, why? because they are (secretly) accumulating it for their portfolios, they are planning for their future ETFS, in sum, they want a piece of the meat too!
They missed the first ride, just like many TECH plays in november 2020, now they want to repeat the same play. it is a psychological behaviour pattern. Just look buyers of NIO, XPENG and LI or SPACE etc, now the major players are FUND managers...
I think bitcoin may re test 30K or even lower, but I see no danger ahead. As long as bitcoin stays at the current stage, it will go to 40K then 44K, and many of the small retail investors will MISS the boat because institutionals will push bitcoin up at speed of light.