April 14, 2021 is the date when Bitcoin reached its bull market local peak of $64,804.72. I call it a local peak and not the blow off top, that most of us are expecting because I strongly believe the bull market is not over. It's funny though seeing how crypto market participants change sentiment from one day to another.
It was like yesterday when quite a few media outlets were still fueling FUD and not just one influencer on CT had the glove already thrown. Kevin Swenson, a crypto youtuber that I follow, was one of the few that called $30,000 to be the bottom for this correction and according to some Wykoff pattern that he follows it seems that we're now on the wave up once again.
I have already read at least a couple of posts on Leofinance as well, where the authors were pretty much convinced that we're on the path of a multi month bear market. I disagree on that although I only have my gut feeling backing this statement. It's too low and too weak for this bull market to peak like that.
When we take a look at the changes in the world mass adopting crypto, that occur lately, it's quite hard to be bearish on Bitcoin and crypto right now. As I stated for quite a couple of times on my blog I tend to believe that the current bull market is replicating the 2013 one and the correction we had has flagged the half way uptrend towards the peak of the cycle.
I have absolutely no clue how high will Bitcoin peak, I doubt though that $64,000 was the one we were waiting for for over three years. It will probably be $100k, $200k or even $300k. I have no clue...
It feels though that the two months correction we've had is coming to an end and BTC has saved its ass from the $30,000 thin ice it was skating on. I might be wrong and the current price action could be nothing more, but a dead cat bounce, but I believe the bottom is in, that being $30,000(actually $28,800) and that from there on, we're gonna continue our path towards the true peak of the cycle.
What you guys think, is the bottom in?
Thanks for attention,
Adrian