Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD. Until that happens, we're not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling (reflexivity).
In fact, recently there's been quite a bit of accumulation (or what you might call dormancy, a lack of 'destruction'). A few people are always going to take short-term profits, but that's to be expected in any market.
If we zoom out and think about the long-term, our current level of Reserve Risk is equivalent to where we were in the early part of 2017. If you recall that was right BEFORE things got really crazy and 6-9 months before the bubble burst (BTC was around $1-$2k at the time).
In addition to all this, Crypto Fear & Greed is printing all time lows (extreme fear). That's the exact thing you should be looking for if you're buying the dip for the long-term.
If you're not sure what I'm talking about with the Bitcoin Days Destroyed, you might find this article helpful.
kanaandkatana.com/valuation-depo…
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.