BTC still on track for October ATHs
September is typically a bearish month for Bitcoin and yet again, it lives up to its reputation. A huge sudden correction with no real FUD is scary, but ultimately healthy and something I called for a few times a few weeks ago.
We saw a similar move in September 2020 just before a 6X move to 60,000 in February. In the parabolic run of 2017 (the blue lines) we saw as well a sudden September correction before a 5X.
Yesterday, Bitcoin crashed suddenly and immediately bounced off support at the bull market support band.
My theory still holds. We will continue to correct over the coming days. Altcoins will bleed out and this is a good re-accumulation time if you have the spare cash. We may see ADA under $2 and Ethereum under $3000 - which may honestly never happen again.
Bitcoin will find support at 43k as it did yesterday - this will provide solid confirmation that the bullish recovery in July and August wasn't a fluke. I see new all time highs being set in October, maybe November if it takes slightly longer. The fall and winter tend to be extremely bullish for crypto.
Stay away from the short term trends and focus on long terms gains and a good buying opportunity for the time being. We have had moves just like this a year ago and BTC had a 6X in the 6 months that followed!
We saw a similar move in September 2020 just before a 6X move to 60,000 in February. In the parabolic run of 2017 (the blue lines) we saw as well a sudden September correction before a 5X.
Yesterday, Bitcoin crashed suddenly and immediately bounced off support at the bull market support band.
My theory still holds. We will continue to correct over the coming days. Altcoins will bleed out and this is a good re-accumulation time if you have the spare cash. We may see ADA under $2 and Ethereum under $3000 - which may honestly never happen again.
Bitcoin will find support at 43k as it did yesterday - this will provide solid confirmation that the bullish recovery in July and August wasn't a fluke. I see new all time highs being set in October, maybe November if it takes slightly longer. The fall and winter tend to be extremely bullish for crypto.
Stay away from the short term trends and focus on long terms gains and a good buying opportunity for the time being. We have had moves just like this a year ago and BTC had a 6X in the 6 months that followed!
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