Market sentiment largely extremely negative. This is a positive.
Analysts and articles claiming that this might be the end of the crypto bull market. A few even announcing that we won't have an Altcoin cycle this round (seen similar reporting during past 2 cycles as well) since institutions will only focus on ETF-approved coins. And numerous extreme negative sentiments pervading all around -- which signals a good time to prepare to continue to accumulating more.
BTC failed to set an ATH above 74kUSD after the latest FOMC meeting announcement of no rates cut = extension of accumulation opportunity. I was too optimistic prior to that.
Personally, I am now waiting to deploy my final pool of USDC capital (and even BTC) once there is a clear sign of a turnaround around the next lower support level, prob into Kaspa. IMO, BTC could retrace down to 60kUSD or even 57kUSD next, and "worse" case, down to 38-48kUSD.
Zooming out, it is presently merely consolidating sideways after a 90% increase from 38kUSD (23Jan'24), ranging btwn ca. 57k-70kUSD.
Will take a wait and see attitude for the moment.
If BTC do correct down to 38-48kUSD and then recovers back to 70kUSD, that would setup a massive cup and handle pattern with a measured move target of ca. 260-290kUSD!
Just some crude thoughts to put it out there for later later reference (like what I usually like to do), to be refined upon later once I'm home.
BTC failed to set an ATH above 74kUSD after the latest FOMC meeting announcement of no rates cut = extension of accumulation opportunity. I was too optimistic prior to that.
Personally, I am now waiting to deploy my final pool of USDC capital (and even BTC) once there is a clear sign of a turnaround around the next lower support level, prob into Kaspa. IMO, BTC could retrace down to 60kUSD or even 57kUSD next, and "worse" case, down to 38-48kUSD.
Zooming out, it is presently merely consolidating sideways after a 90% increase from 38kUSD (23Jan'24), ranging btwn ca. 57k-70kUSD.
Will take a wait and see attitude for the moment.
If BTC do correct down to 38-48kUSD and then recovers back to 70kUSD, that would setup a massive cup and handle pattern with a measured move target of ca. 260-290kUSD!
Just some crude thoughts to put it out there for later later reference (like what I usually like to do), to be refined upon later once I'm home.
Comment:
Note: However, more likely than not, 60kUSD is the current retracement target; and if that target is fulfilled, then will go on from there, i.e. taking it level by level.
