Bitcoin & Crypto & NFT News
This is directed to those who are wondering whether the bottom may be in or not. No one can say with any degree of confidence, but there are a few signals that the lows have been reached.
My opinion is that the most obvious of those has to do with prior tops. In 2017 it hit 20,000 and quickly faded from there. The prior cycle top has acted as bottom in previous bear markets, and while that could certainly be breached, I think there is a very big reason that it likely won't be.
Enter the WHALES. They control the entire market. They are like the institutional investors in stocks: they set trends, and generally make a lot more money than retail. Since Bitcoin doesn't have a long history, I think we are at a really interesting point regarding retracements and general trends. I think it's in the whales' best interest to keep certain trends alive as to cause no panic or idea that the whole thing may be broken. I really believe the average whale feels that keeping the prior cycle trends intact (and they can ensure this quite easily if they want to) is a priority at the moment.
Anyone considered this?