These days it's popular to be bearish on Bitcoin because dumb money always relies on recency bias, but I'm not sure what the Bears are seeing in the charts if they're even looking, because I see a potential breakout to the upside once this Descending Channel Pattern finishes. Of course, this is just my opinion, and opinions are like assholes: everyone has one.
Now of course someone observant will point out that the 50-day and 100-day moving averages in this next chart are inverted, but I would argue that this is irrelevant because the 200-day has a lot of catching up to do.
The more likely scenario (and again just my opinion) is that the price breaks up out of the descending channel, rides the 200-day Moving average, and then makes its move to glory or shame, so to speak. Only if/when the 50-day and 100-day moving averages invert below the 200-day moving average would I raise the alarm bells.
But like some others out here, I believe crypto is being artificially suppressed in the exact same way precious metals are being suppressed.
Why would anyone want to suppress the price of hard assets/digital hard assets? I would speculate (in this case) that the proverbial "someone" has funds they want to move into hard assets, but those funds are locked up until a certain date, at which point they can buy in and no longer have any need to suppress the price. Sounds borderline tin-foil-hat, but this would be normal human behavior in such a scenario.
Hopefully this was informative. Thank you for reading. Stay safe everyone.
