The last time BTC had an exponential move to the upside was during the last election year. This is partially because the halvening cycle and the election cycle are currently in sync every 4 years, but there’s further reasons as to why we’ll likely see much higher prices sooner rather than later.
1.) We’ve obviously been in a 5 month range. Usually, a long time of price consolidation, results in a massive move. Any move above the 70ks will be swift and large
2.) The ETH ETF approval is coming up thus further legitimizing crypto in general and allowing for even more people to easily invest
3.) Given the largely negative sentiment merely two weeks ago, there are still tons of shorts trapped. The funding rates for most derivative contracts on BTC are still very low indicating that the overall futures market is not very bullish yet despite a 10% move. This almost always indicates further upside
4.) Most of the chatter online is expecting a long boring summer and fall. BTC loves to go up after long periods of boredom and when people least expect it
But last, and most importantly, just look around you even on this sub. You’ll see comments along the lines of:
“Sounds like you’re coping and bought the top” “Let’s be real this is going back to the 40ks” “BTC is a dead asset” “If you seriously think 64k is a good price to buy BTC, you’re deluded”
Most of this sub was calling for 40ks just two weeks ago. See you in the 80s.
submitted by /u/btctrader12
[link] [comments]
