There was a huge swing in price up on bitcoin price from 18,800 to 20,500 in very little time. You can check the exacts on it but I feel it was a squeeze on the shorts. Someone in my readings said it could happen again soon(they are more informed than me, I'm just the messenger)
Compared to recent history, bitcoin price action is dead. I feel like my recent insight into price has been helpful, but of course not 100% spot on. Nobody can do that continuously.
Looking out for an 80% down swing
22,000 is overly optimistic anytime soon
Most have to admit with the high interest rate hikes, infrastructure failures, and big business people giving their disapproval, price belongs under 19,000 easily. Yet, somehow it is above water.
How can this be?
I was reading the very old whales, folks that bought around 370.00 are holding tight(bullish). El Salvador continues to buy bitcoins. I feel it's not that significant in volume, but it's the principle of the matter in the news. Big players in infrastructure and large stake holders of bitcoin don't want a run on the bank(fast decline in price). They'll do whatever they have to do to prevent that.
Price jump to 20,500 from Coinmarketcap
Recent Headlines
FTX is bailing out Blockfi
Celsius paused withdrawals - If you like morbid humor
Three Arrows Headed to Bankruptcy
Voyager struggles
Miners are Feeling the Pain
Found it somewhere, FTX's big man isn't going to bail out Celsius, but I read he was looking to go help the miners next.
I think hesitation on the bulls is coming from the unknown of how much damage there really is. Someone out there thought we needed to purge the shorts, have the price decline, and get a reset to the bottom. That's fine as long as you know it's coming!
Into the near future, I think we're in for a good support from bulls at 17,000-19,200. But, you break that wall down, it could get really, really ugly. If they keep running the horror stories in the news it isn't gonna help.
Just an intuitive feel for the next fed meeting, I think it will go up in the very short term. It has the last two times right? I haven't seen them live, but I think he is passing optimism off in a reasonably grim state of affairs. I'll be watching it live next time
If you have any helpful advice by all means toss it down in comments.
Never take my research as financial advice, I'm not an advisor.
