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ok guys im calling intergalactical top aka cycle top at these prices.
Will revisit in a month or so
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To put it more simply we've had a breakout after a time capitulation. I'd say btc gives the same vibes as those 2 times. Once there are no more sellers it takes very little to move this asset again especially since it's momentum based.
Recent BTC move gives more Oct '23 vibes than Jan '23:
Jan '23 marked the end of the bear market. After hovering around 16k for 2 months, BTC rallied and reclaimed 20k for the first time since the FTX blow-up. The rally was mainly a short squeeze; there was no real catalyst or fundamental change. BTC would chop between 20k and 30k until Q4.
Then, in Oct '23, we had the infamous CoinTelegraph fake ETF approval. Despite - or because of - the news being fake, it led to BTC starting its bull run due to one simple fact; everyone realized they were underallocated to a BTC spot ETF approval. We were reminded that it was the reaction to the news that mattered, not the news itself.
What we saw last week led to an immediate reaction in the two go-to assets for the debasement trade: gold and BTC. Both rallied on the news, with BTC's move amplified by several significant short squeezes.
The move is reminiscent of the fake BTC ETF approval; it showed everyone that they are underallocated to the debasement trade.
The main difference is speed: that the debasement narrative evolves much slower than the BTC ETF approval. The US isn't going bankrupt anytime soon, whereas the BTC ETF approval was a mere 3 months later in Jan '24. But I believe the psychology underlying the price action is the same.
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This one I can flex more publicly $FOLD
was pretty bullish on it right after launch and bullposted since launch
t.me/onchainpeace
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