Bitcoin has managed to create a precedent, it has, for the first time in its history corrected under the previous cycle of ATH, which in this case was $19,600.
Currently, Bitcoin is changing hands at about $19,690, but it managed to dip yesterday to as low as $17,500 and this might not be the bottom yet.
Remember the people on Twitter saying it will never go under $50,000, or $30,000? Nope? Neither do I and at this point such talks are irrelevant. I used to mention quite a lot the supercycle narrative in the past, but this one doesn't seem viable either.
I guess BTC is still bounded in the four-year cycles that we're accustomed to, but no longer respecting previous price action patterns.
Who Bought The Dip?
Not me. I am not even planning to do that yet. I don't know why, but I believe that if BTC has fallen that low it will go even lower to something like $15,000. That's where it looks to have formed a strong floor.
Not too long ago I believed that $22,000 was the bottom, but I have become more bearish lately.
I am actually planning on adding more to my altcoins portfolio, but waiting for a final capitulation. Something like $30 EGLD is what I'm waiting for. What about you, did you buy the dip?
Do you think the bottom is in?
Thanks for your attention,
Adrian