$BTC This rebound has already nearly reached the top. Reasons are as follows:
🔸 From 63,000 at the bottom to 87,300, the rise is about 38%, accumulating a huge amount of profit-taking positions. These profit-taking holders need to take profits, which triggers a price decline and starts a healthy pullback.
🔸 The market has restarted the re-hype around the rate-hike narrative. Last night, a Federal Reserve governor turned hawkish, and the market is pricing a 71% probability of a rate hike in November. A rate-hike tightens liquidity, which is bearish.
🔸 The four-year bull-bear cycle rule for Bitcoin: the best time to bottom-fish is at the end of the year. The market will most likely still have one final drop.
🔸 From 63,000 at the bottom to 87,300, the rise is about 38%, accumulating a huge amount of profit-taking positions. These profit-taking holders need to take profits, which triggers a price decline and starts a healthy pullback.
🔸 The market has restarted the re-hype around the rate-hike narrative. Last night, a Federal Reserve governor turned hawkish, and the market is pricing a 71% probability of a rate hike in November. A rate-hike tightens liquidity, which is bearish.
🔸 The four-year bull-bear cycle rule for Bitcoin: the best time to bottom-fish is at the end of the year. The market will most likely still have one final drop.
