If you think #Bitcoin cycle will continue and this is just a mid-cycle correction, then historically, this large drawdown (30% from ATH) should be an excellent buy.

Each time after new ATH, there are several >25% corrections, other than the last one in the cycle, all good buys.
In the 2017 cycle, after #BTC passed the previous ATH of $1k, there were 7 corrections that are >25% (3 of them are >35%), except for the last one, the first 6 were all good buying opportunities. After the 6th correction, BTC went from $6k -> $19k ATH.
In current cycle, after #BTC passed previous ATH of $20k, there were 3 corrections >25% (last one was the May 2021), except for that one, the first two were excellent buy points. $30k ->$57k, $45k->$61k

Now we are in the first >25% correction after passing previous ATH of $65k.
So the question is, do you think this is cycletop or mid-cycle correction?

Bullish evidence: #BTC bounced back from $30k to new ATH again within 6 months, that's massively bullish

Bearish evidence: BTC price is lower today than Feb 2021 (10 months ago), momentum seems exhausted

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More from @venturefounder

4 Dec
Due to the @Grayscale trust discount, #Grayscale had been selling their #Bitcoin bit by bit for almost 10 months now, on average selling 30-50 #BTC a week. Image
In contrast, last December, #Grayscale was buying BTC aggressive due to their trust premium.

For example, from #Bitcoin's $20k to $40k move from Dec 2020 to Feb 2021, @Grayscale played an instrumental role, they purchased 60,240 #BTC during that period ($1.8B USD worth of BTC). Image
Similar story for #ETH, Grayscale had been selling on average 200-250 $ETH per week for months now.

The sooner #Grayscale trust be can be turned into ETF, the sooner will they start buying #BTC and ETH again.

They could become the largest spot ETF in the world, if SEC approves. Image
Read 4 tweets

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