Many of you are probably worried about the state of Bitcoin
As price pulls back, bearish sentiment has returned and some are confident the Bitcoin bottom is not in
Here's 4 reasons I think this pullback is good for BTC, and the bull run has only just begun
A thread... 🧵👇
1: Bitcoin is up 50% from the 15.5k low, rallies are not a straight line
With the latest push over 23k, Bitcoin officially broke out of it's 1 year downtrend
After a large bullish move, corrections help provide support
Creating support on this trend is bullish
2: Indicators across the board are breaking out
After spending months in the buy zones, Bitcoin indicators show that the time to buy at the best prices have past, and the bull market has begun
3: Some indicators are overextended and need to reset
Daily RSI has reached it's highest level in 2 years at a 89 reading, a reset is needed
The same thing that happened in 2019, and while the indicator appeared to make major pullbacks, it did not reflect heavily on price
4: Max opportunity comes at the worst times
"Bitcoin is going to 0" has come back a wolf in sheep's clothing
Most know now that Bitcoin going to 0 is not likely
This time it's "Bitcoin will go to 10k, because a recession is coming"
Don't be fooled by this popular narrative
The most important aspect is to keep a long term perspective, short term price movements are mostly unpredictable
Data shows that Bitcoin likely bottomed at 15.5k, and the bull market is here
More upside is to come
Please post any comments or questions!
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