Markets are a very unique breed and what is amazing to me is how often they all rhyme together sometimes. It is a reoccurring cycle that goes from denial and despair all the way up to excitement and euphoria…and then repeats. This happens in all markets, forex, stocks, metals, crypto etc. They all have these types of moves and the fact that crypto has pulled back the way it has and is now panicking makes me more bullish than ever before.
There is zero doubt in my mind that this is what happened over the past year. Bitcoin has been trending and was honestly time for a bull market to explode and become bubbly last year once the 1200 resistance was taken out at the beginning of 2017 where it then proceeded to creep up and blow straight up. All 2017 Bitcoin was creeping up and being bid. The big boys were trying to get in here during this time.
It was not until all the college kids came home and the media really started pushing bitcoin on the TV. You have these millennials pushing crypto to their mom and dads and grandpas at the thanksgiving tables, and then it explodes in December.
Boom! Retail was now in and they were toast. All of 2018 grandma and grandpa have been loser. They have been beat constantly and the 6000 support was lost…when? Right before thanksgiving again. Now the millennials come home from college again and have to answer to grandpa “how is bitcoin doing?”
And here we are right after thanksgiving with retail finally throwing in the towel and cutting their losses. We needed some sort of throwing in the towel and panic to create the bottom, and now it is in the works here.
Be patient and load up for the 7th bull run of Bitcoin!