Most often in order to get the big picture of a certain event or chain of events, or to better understand the dynamics of a market, it is advised to zoom out on it. We often do that in crypto when the noise becomes unbearable when trying to figure out where the market is heading.
You don't get much direction from the all-time chart of Bitcoin atm, but when you zoom in, as I did on this one, in the past 90 days time frame, you can see we have a bottom formation here for Bitcoin.
Or at least that's what I see...
Probably some of you will disagree with me on this one, but I do believe $17,500 was the lowest low we had for BTC and there are high chances we won't see BTC at that level ever again.
In the past few cycles, BTC has always respected the previous cycle peak and didn't pierce through it while in this one it has broken its own rule. We've only spent a day in that area, but that's enough to create panic.
It's funny how during bull markets investors and traders are becoming extremely greedy and how that turns around for them becoming extremely bearish during bear markets.
By no means do I consider that we're anything close to a bull market, as a matter of fact, I'm very cautious about the recent pump to $24,000, but neither do I believe the worse is yet to come.
There will be a lot of grinding from here for the next couple of years or so, but that grinding will move the market towards new highs instead of new lows. It will probably take BTC over a year from now until once again testing its ATH, but I'd say we've already had "the sales in crypto" we were waiting for so long.
I bet many market participants will be left out waiting for $12k BTC and so on, and their confidence will once again get resurrected during the mania phases of the market. I personally would like to see the whole market diving one more time to levels not seen since 2020, but I doubt it will happen.
If it does, though, then I'm probably going almost all in crypto. What do you think?
Thanks for your attention,
Adrian