BTC Short Term- Another weekend of Consolidation?
Updated
BTC has been making our dreams come true, hitting targets and seems to be on it's way to a new ATH.
We're seeing the typical volume decline on the weekend after conquering the 16k level. We're also seeing some retests today of the sub 16k level holding so far.
As usual, I wouldn't be surprised if we get a bit of a shakeout. Support is definitely building with institutional FOMO seemingly driving this recent bull run, massive greed levels and options trading volume at ATH levels on Deribit.
Clearly, the cat is out of the bag on the institutional level, which will drive a lot more retail investors to the scene as well.
One cloud still looms over everything for me, and I think it could spell potentially rocky waters for us before we truly head towards the 100k+ dream: another COVID lockdown would mean a market panic, likely meaning a short term dump even on the BTC market.
There's of course big potential for an event like this to drive even more people into "digital gold" as the news stations are calling it... But the fact of the matter is market panic is market panic; and with BTC we still have a huge number of whales that are essentially retail investors compared to contemporary markets. The big fish are just getting into the game whereas some home gamers have a decade up on them.
Ultimately, there is going to be a small correction at some point. I think the days of sub 10k are likely gone however, as the big money is here to protect their investment.
We're seeing the typical volume decline on the weekend after conquering the 16k level. We're also seeing some retests today of the sub 16k level holding so far.
As usual, I wouldn't be surprised if we get a bit of a shakeout. Support is definitely building with institutional FOMO seemingly driving this recent bull run, massive greed levels and options trading volume at ATH levels on Deribit.
Clearly, the cat is out of the bag on the institutional level, which will drive a lot more retail investors to the scene as well.
One cloud still looms over everything for me, and I think it could spell potentially rocky waters for us before we truly head towards the 100k+ dream: another COVID lockdown would mean a market panic, likely meaning a short term dump even on the BTC market.
There's of course big potential for an event like this to drive even more people into "digital gold" as the news stations are calling it... But the fact of the matter is market panic is market panic; and with BTC we still have a huge number of whales that are essentially retail investors compared to contemporary markets. The big fish are just getting into the game whereas some home gamers have a decade up on them.
Ultimately, there is going to be a small correction at some point. I think the days of sub 10k are likely gone however, as the big money is here to protect their investment.
Note
Perfect hit on this one.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
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