Some bullish opportunities
Hard to be super bullish when we consider the steepness of the sell-off compared to May + thin / BOT driven order book flow.
However, I only see two scenarios near term:
1) we accelerate the steepness of the downtrend, SR flip over the next week and go much lower to low 30k's
2) we see a bounce at 44k-45k ish to 55k at least - one last hurrah for alts and an ETH blow off top before a crushing decline
I want #2, so we will probably get #1.
Ultimately I can't be bullish BTC UNTIL we see that all hope is lost. People get bored and go do other things, CT becomes less toxic and NFTs bleed to zero. Ideally then the only thing that matters is a BTC rally for people to re-ignite a bull market - only then can I envisage undiluted volume flowing back into BTC to give it a sustainable run. The shape of this most recent run is rounded, indicating that momentum has not continued to thrust up like May - a good indication that people are rotating to alts too quickly. We need a scenario where people are scared to rotate out of BTC.
However, I only see two scenarios near term:
1) we accelerate the steepness of the downtrend, SR flip over the next week and go much lower to low 30k's
2) we see a bounce at 44k-45k ish to 55k at least - one last hurrah for alts and an ETH blow off top before a crushing decline
I want #2, so we will probably get #1.
Ultimately I can't be bullish BTC UNTIL we see that all hope is lost. People get bored and go do other things, CT becomes less toxic and NFTs bleed to zero. Ideally then the only thing that matters is a BTC rally for people to re-ignite a bull market - only then can I envisage undiluted volume flowing back into BTC to give it a sustainable run. The shape of this most recent run is rounded, indicating that momentum has not continued to thrust up like May - a good indication that people are rotating to alts too quickly. We need a scenario where people are scared to rotate out of BTC.
Penafian
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