There's first time with everything. This market cycle the Bitcoin cycle stopped lengthening and just recently Bitcoin has broken the support of previous market cycle top, hovering above $19k at the moment. It was really just a matter of time though, because every cycle the bottom has come closer to the previous one's top, so if that causes some extra fud, I say that's only good if you have cash to buy.
However dire the situation seems, Bitcoin's bearish price action is still not out of the ordinary: usually the 200 weekly moving average has marked the bottom, however, during the corona dip, it did touch the 300 MA briefly. Price has already broken down from 200 MA, so the next date with destiny might be at the 300 MA at $16,5k.
A touch at the 300 MA would still "only" be a 75% correction should that be the bottom which would be less than the previous cycle's 84% correction. However, the current risk-off macroeconomic environment might make it worse, because the general public still treats Bitcoin as a risky asset.
Personally though I see Bitcoin as the safest asset there is, but it feels risky because of the short-term volatility. Zoom out and start thinking on longer time frames. Now is a good time to dollar-cost-average in if you have the opportunity.
I too see great potential in Bitcoin, and I too think that we are going to see a higher probability of bottom in the area just above 15k$, like I have just written here
https://ecency.com/hive-167922/@mikezillo/surfing-the-market-10
Besides, also in a censorship perspective AND bank limitations, Bitcoin will be a great alternative to transfer value
Let's see, I wouldn't mind 15k.
Yeah for sure.
Yeah, I would neither mind 15k. I am keeping some liquidity to buy even more
I learned my lesson from 2017-2018 – my first year in crypto – that it's a good idea to have some cash in hand for times like these. Now I actually have some, hence the bear market is a good thing for me :D
already excited for the new high hehe
Oh yes ;) It'll be here before you even notice.
can you somehow please ping me. I suck at indicators lol
Still learning myself too, didn't realize the top was already gone, because I thought the cycle would lengthen 😅 Maybe I'll learn.
Same!!! people were like, it could go higher! turned out, we were not in a little bear trap but big bear! lmao