We are finishing this week with:
🟧 BTC bouncing back on the $30,000 level.
🟧 But still stuck in the 2nd longest drawdown in a post-halving market.
... (1/5)
Indeed this #Bitcoin drawdown:
🟧 Now lasted 103 days.
🟧 Bottomed at -55% from the ATH.
🟧 Has been caught in a relatively low volatility environment since then.
... (2/5)
So while it is nice to see #BTC on the uptrend for the last few days it could still take a while for a new parabolic move to develop.
Remember than the massive drawdown of 2013 lasted 200 days... (3/5)
... and with volatility still on the downtrend it is less likely (although not impossible) for the price to jump suddenly... (4/5)
So probably the best thing to do now is do like everyone else: stack sats.
Play the long game and accumulate slowly but surely.
This is what most of people are doing these days according to #Bitcoin on-chain data. (5/5)
• • •
Missing some Tweet in this thread? You can try to
force a refresh
One more week stuck in this drawdown:
🟧 95 days since the last ATH.
🟧 Bottom -55% below the ATH.
🟧 Volatility continues to decline.
... (1/5) 👇
This is one of the longest drawdown #Bitcoin has had to deal with during a post-halving bull market.
But 95 days is still only half the duration of the big drawdown of 2013... (2/5)
In terms of price trajectory this correction also looks very similar to 2013. If we continue like that, #BTC will remain stuck around $30k for a while... (3/5)