- During my daily analysis of Bitcoin, the most obvious thing to pay attention to is the fact that Thursday was like a wild goose chase, as the market dropped all the way down to the $92,000 level, after initially trying to break above the $104,000 level!
- This tells me that there are a lot of concerns about trying to break above the $100,000 level, but I think in the long term it will all just end up being noise.
After all, Bitcoin has been in an uptrend for some time, and I do think that the upside is still the correct direction, but you also have to keep in mind that the market has gone a long way to get to this area, so it as have to work off some of that excess froth. In the short term, I would fully anticipate that we continue to see stubborn resistance, mainly due to the fact that a lot of people will be willing to take profit, or there are a lot of people out there who own no Bitcoin, and simply feel that it is “too expensive” at these levels.
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Keep in mind that a lot of people are old enough to remember that Bitcoin will drop 80% occasionally. A lot of people are probably watching this area and trying to figure out whether or not this is the “cycle high.” After all, we are starting to see TikTok influencers and the like starting to do meme coins, I’m starting to hear the expression “have fun staying poor, bro” again, and quite frankly there is a lot of noise out there when it comes the Bitcoin. In other words, I’ve seen this movie before.
Do not get me wrong, I’m not suggesting that you should be shorting this market, just that we might have gotten way too far ahead of ourselves. Even if we were to do a simple technical pullback, it could be all the way down to the $80,000 level. That would be a 20% drop. In the world of Bitcoin, that’s not a big deal, but for most traders that would be nauseating. Quite frankly, I think the best thing that could happen to Bitcoin is a good 20% drop, but we will have to wait and see if that will ever actually happen.
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