$BTC This big player is already seeing 40-50k, so I really need to consider bottom fishing.
Not long ago, some were calling for BTC to hit 400k, but now that the market is weak, others are starting to look at 40-50k.
He mentioned that the CME chart shows BTC is about to cross into a death cross, with the 50-day moving average set to drop below the 200-day moving average. Historically, similar patterns often lead to negative outcomes.
I think this viewpoint shouldn't be taken at face value, but we can't ignore it either.
Right now, BTC is hovering around 73,500, with the 72,500-73,000 range being tested repeatedly below, and the 74,500-75,000 area struggling to reclaim.
What’s more awkward is that the long-to-short ratio has reached around 1.7, with bulls making up 63%, but the active buy-sell ratio is only 0.69, indicating many are trying to bottom fish, but actual buying pressure is weak.
So the issue isn’t that BTC must drop to 40-50k, but rather whether market sentiment will start believing this scenario if 72,500 is really broken.
Honestly, if it does hit 40-50k, I won't be complaining about the market; at those levels, I would just think about how to scale in.
Right now, what BTC fears most isn’t a sharp drop,
but a slow decline that makes everyone start doubting the bull market.
#BTC #Bitcoin
Not long ago, some were calling for BTC to hit 400k, but now that the market is weak, others are starting to look at 40-50k.
He mentioned that the CME chart shows BTC is about to cross into a death cross, with the 50-day moving average set to drop below the 200-day moving average. Historically, similar patterns often lead to negative outcomes.
I think this viewpoint shouldn't be taken at face value, but we can't ignore it either.
Right now, BTC is hovering around 73,500, with the 72,500-73,000 range being tested repeatedly below, and the 74,500-75,000 area struggling to reclaim.
What’s more awkward is that the long-to-short ratio has reached around 1.7, with bulls making up 63%, but the active buy-sell ratio is only 0.69, indicating many are trying to bottom fish, but actual buying pressure is weak.
So the issue isn’t that BTC must drop to 40-50k, but rather whether market sentiment will start believing this scenario if 72,500 is really broken.
Honestly, if it does hit 40-50k, I won't be complaining about the market; at those levels, I would just think about how to scale in.
Right now, what BTC fears most isn’t a sharp drop,
but a slow decline that makes everyone start doubting the bull market.
#BTC #Bitcoin