Bitcoin next Halving March 2024
Short term neutral/bearish
Long term, well you know its bitcoin and we are going to 1 million USD +
Bitcoin cleared trend line resistance and then also retested it
from that standpoint we are bullish on bitcoin clearing some over head resistance, there can only be so much selling before it becomes unprofitable to do so...
however
Given the low volume and current macro conditions we are very likely to see much more chop and very spikey market reactions for several reasons
1. most of the exchanges now only have large traders that influence the markets
2. very low volume and liquidity can create situations where market makers can turn markets around very quickly trying to move the market but 2-3% with no care about actual bitcoin or crypto itself.
3. When it becomes profitable to change market trends, market makers tend to do so very quickly
4. The next bitcoin halving is 1 year and 3 months away from now. While miners capitulate and sell their bitcoin, the strongest wallets and miners survive. THE OGs control these markets and when its time to buy bitcoin/apply leverage again they load up heavy and fast.
5. We expect a cooling out period short term followed by one more knee jerk gut wrenching bottom test to act as a spring in to 2024 and beyond.
Good luck out there in 2023 and beyond!
As always DYOR.
Never trust always verify
STAY STAXXY
Short term neutral/bearish
Long term, well you know its bitcoin and we are going to 1 million USD +
Bitcoin cleared trend line resistance and then also retested it
from that standpoint we are bullish on bitcoin clearing some over head resistance, there can only be so much selling before it becomes unprofitable to do so...
however
Given the low volume and current macro conditions we are very likely to see much more chop and very spikey market reactions for several reasons
1. most of the exchanges now only have large traders that influence the markets
2. very low volume and liquidity can create situations where market makers can turn markets around very quickly trying to move the market but 2-3% with no care about actual bitcoin or crypto itself.
3. When it becomes profitable to change market trends, market makers tend to do so very quickly
4. The next bitcoin halving is 1 year and 3 months away from now. While miners capitulate and sell their bitcoin, the strongest wallets and miners survive. THE OGs control these markets and when its time to buy bitcoin/apply leverage again they load up heavy and fast.
5. We expect a cooling out period short term followed by one more knee jerk gut wrenching bottom test to act as a spring in to 2024 and beyond.
Good luck out there in 2023 and beyond!
As always DYOR.
Never trust always verify
STAY STAXXY