I changed my short target to 43k instead of 51k. Here's why:
1. Prices remain elevated in what I consider to be a top distribution. This type of price action can lead to a very sharp correction.
2. 43k is the "scene of the crime" breakout where I believe new ETF money FOMOed into the the market. A correction to 43k would place most new ETF investors underwater.
3. It seems that everyone believes Bitcoin can no longer have a larger than 20% correction in a bull cycle due to institutions entering the market. I have sad news for you if you believe that. Bitcoin doesn't give AF if you think it cannot have a steep 40% correction. A correction to 43k is perfectly within the normal realm of a bullish retracement for Bitcoin.
Prepare your bungholes.
Buckle up.
God bless you.
1. Prices remain elevated in what I consider to be a top distribution. This type of price action can lead to a very sharp correction.
2. 43k is the "scene of the crime" breakout where I believe new ETF money FOMOed into the the market. A correction to 43k would place most new ETF investors underwater.
3. It seems that everyone believes Bitcoin can no longer have a larger than 20% correction in a bull cycle due to institutions entering the market. I have sad news for you if you believe that. Bitcoin doesn't give AF if you think it cannot have a steep 40% correction. A correction to 43k is perfectly within the normal realm of a bullish retracement for Bitcoin.
Prepare your bungholes.
Buckle up.
God bless you.