We are in a very interesting situation right now.
On the one hand, prices have been falling for a long time, and we are not far from historical support. Logically, there should be a rebound.
On the other hand, bitcoin has been growing for many years, and more and more people want to get rich.
So it actually makes more sense that each new cycle of growth is less than the previous one, and each new cycle of declines is greater than the previous one, since more and more people will want to fix the gains so that they don’t remain fools like in the previous times. And it may be time for a break in the long-term uptrend that everyone is hoping to see.
If the 2013-2020 support line is broken now, this could mean that no previous uptrend rules are in effect anymore. In this case, this is a bearish market, it can hit a little more psychologically scary than the previous one (This is normal).
At the same time, this is a bearish market, and if it is bearish, it will be at least as cool as the first and second. That is, the fall is more than a year and -84% - -87% of the decline of bitcoin from the top. But it will be perceived very painfully, since during this cycle bitcoin has not grown as much as the past ones.
A change in trend will definitely scare away long-term holders.
Such a normal bubble should burst where it seems now impossible. In principle, everything is as always.
Therefore, we can safely say that the bottom is more likely at 20,000, and not at 29,000, and at 8,000 rather than at 20,000.
On the one hand, prices have been falling for a long time, and we are not far from historical support. Logically, there should be a rebound.
On the other hand, bitcoin has been growing for many years, and more and more people want to get rich.
So it actually makes more sense that each new cycle of growth is less than the previous one, and each new cycle of declines is greater than the previous one, since more and more people will want to fix the gains so that they don’t remain fools like in the previous times. And it may be time for a break in the long-term uptrend that everyone is hoping to see.
If the 2013-2020 support line is broken now, this could mean that no previous uptrend rules are in effect anymore. In this case, this is a bearish market, it can hit a little more psychologically scary than the previous one (This is normal).
At the same time, this is a bearish market, and if it is bearish, it will be at least as cool as the first and second. That is, the fall is more than a year and -84% - -87% of the decline of bitcoin from the top. But it will be perceived very painfully, since during this cycle bitcoin has not grown as much as the past ones.
A change in trend will definitely scare away long-term holders.
Such a normal bubble should burst where it seems now impossible. In principle, everything is as always.
Therefore, we can safely say that the bottom is more likely at 20,000, and not at 29,000, and at 8,000 rather than at 20,000.
Comment:
bitcoin is below the yellow line and there is nothing bi to keep it here, the fall can only accelerate
