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Delivering insights on crypto and macro one chart at a time.

Aug 28, 2021, 5 tweets

#Bitcoin after the Halving
Aug. 28, 2021

473 days after the 3rd halving
#BTC at $48,583

1/ Some resistance at $50k. This is not totally unexpected but still...

2/ ... the recovery from the bottom of this correction is well underway.

We can hope that there will be some repeat of 2013 when #BTC came out strong from a -60% drawdown in the middle of the post-halving bull market.

3/ If that's the case, this drawdown will probably be the second longest one that #Bitcoin ever experienced outside of a multi-year bear market.

4/ Now it is true that the long term accumulation trend remains intact. But...

5/ ... there is some divergence of behaviours:

↗️ Small fish have been accumulating coins faster.
↘️ Whales have started distributing coins after $45k.

If whales start ticking back up this might be all we need for #Bitcoin to smash through $50k.

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