They all looked like this, until they didn't...

in bitcoin •  2 months ago 

Bitcoin is consolidating...

Bitcoin is crashing, sure, but it's crashing after it had a massive run up.

The run up started in the $10k range and ran to roughly $69k.

Had you bought before that runup, you are still up nicely at the current $17k price, though admittedly a long ways from the $69k highs.

That being said, the price is simply consolidating that big move up just like it did in the previous two bear markets.

Check it out:

image.png

(Source: https://twitter.com/rovercrc/status/1598344420155215877/photo/1)

The charts of both of those both looked like the current one before eventually looking more like a triangle as the price moved sideways and up.

I expect the same to happen this time around.

It looks terrible right now but several months from now it won't look so bad is my guess.

Then, a year or two from now it will look very much like those previous bear market consolidation periods.

The best returns were realized from buying it when it looked like it does right now...

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