Bitcoin pulled back, but could this be the smallest pullback by percentage ever for BTC? Or is a 50% to 90% pullback still expected based on history?
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Bitcoin pulled back, but could this be the smallest pullback by percentage ever for BTC? Or is a 50% to 90% pullback still expected based on history?
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Are you talking about the pullback from $65k down to $29k? That didn't feel small to me. If you're talking about the current one, then I don't think it will be too big or too long. Maybe retest $55k, maybe only $59k. Or maybe it just decides it's done retesting and runs straight to $80k. In my mind it all depends on the long/short positions. If there is a ton of long leverage coming in, it will spike lower before running. If the shorts are jumping in right now, it probably races higher. Whichever way makes the exchanges the most money is the direction it will go. The LAST thing they're going to allow it to do is stack a large amount of long-leveraged buyers and then have it run straight up. Every time that happens you'll see a sharp pullback.
It may be a somewhat cynical outlook, but it's right.
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I was referring to the current pullback. I think BTC reached USD 70K and right now it's over USD 63K. That's 10%, practically nothing in crypto terms.
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I think it's a minor setback, well actually when it comes to crypto it's always 50% and 50%.
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If it's only 10% or even 20%, that's good news. That could indicate a new phase in the world of cryptocurrency where drops/pullbacks/losses are more mild than in earlier times.
I could be mistaken and misled by hype, but if my guess is right then we've reached an important milestone in the maturity of cryptocurrency.
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