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Epic Pennant on BTC Chart


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24 minutes ago, Eric123 said:

Bitcoin is currently below the support level for a close - let's see if it rebounds and loses above the support line.

XRP is staying flattened out. 

1 20 2021.png

1 20 xrp.png

I would guess a longish pause in the BTC growth would be good for the long term future of the bull market.  We do not want it to go exponential too early, that moment is best to happen in 6 - 9 months time. 

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2 hours ago, Julian_Williams said:

I would guess a longish pause in the BTC growth would be good for the long term future of the bull market.  We do not want it to go exponential too early, that moment is best to happen in 6 - 9 months time. 

BTC consolidation would also be good for altcoins to pump as well.

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13 minutes ago, Troote said:

Very interesting tweet. People are withdrawing their BTC and hoarding them in wallets. That is a good metric. When BTC flows back into the exchanges, it signals the end of the bull market. Very interesting... 

Thanks for sharing. I've been wondering about this since "The Modern Investor" began pointing out this new phase with BTC trading - with big money (PayPal, Grayscale, MicroStrat., etc) has begun slurping up much of the available supply, and locking it away.

He been predicting that this "Long Pressure" will continue to drive up the price for the dwindling supply.

Edited by JASCoder
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15 minutes ago, JASCoder said:

Thanks for sharing. I've been wondering about this since "The Modern Investor" began pointing out this new phase with BTC trading - with big money (PayPal, Grayscale, MicroStrat., etc) has begun slurping up much of the available supply, and locking it away.

He been predicting that this "Long Pressure" will continue to drive up the price for the dwindling supply.

With big institutional money entering BTC one wonders if this BTC bull cycle is going to peak and collapse like it did last time, or just correct and consolidate whilst more stock is soaked up by intuitions.  How does one break a cycle like that?

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36 minutes ago, Julian_Williams said:

With big institutional money entering BTC one wonders if this BTC bull cycle is going to peak and collapse like it did last time, or just correct and consolidate whilst more stock is soaked up by intuitions.  How does one break a cycle like that?

There's one theory that the pullback of 25% or so in BTC (about 10 days ago) was orchestrated to "free up" BTC from retailers who tend to sell in panic....then again, I've probably described what the market usually does: rinsing out weak hands in a particular price range.

Also, according to here : https://cointelegraph.com/news/bitcoin-whales-are-betting-40k-isn-t-the-top-as-data-hints-bull-run-is-only-beginning

....

Quote

 

In 2021 alone, 164 new 1,000+ BTC entities were created, together controlling around $6 billion. While these may not all denote whales increasing their positions, the numbers feed into an existing narrative of wealth transfer which has characterized Bitcoin's latest bull run.

As Cointelegraph reported, the 1,000+ BTC wallet category was the only one to increase in recent times, with smaller wallet holder numbers conversely dropping. 

While some appealed to hodlers not to sell out to whales, others argue that these newly-minted big players will aggressively protect the value of their investment.

"Large inflows to whale wallets were happening at $29,314. They will be protecting their btc... This should be strong support for bitcoin in the short term, and hopefully long term," monitoring resource whalemap summarized on Twitter this week.

 

So it looks like $29.3K or thereabouts would be an extremely solid support level. 

It's all adding up to look like a good 2021 for crypto...

Edited by 2ndtimearound
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