I will immediately outline the possible variations for Bitcoin that I have discussed in my reviews.
In the case that our growth has ended with a terminal diagonal with the peak of wave 5 at the mark of 126,000, the current movement can fit into 2 models.
Option 1 - a 5-wave structure down, which can be marked as wave A of the cycle, then there would be B and C with movement to 50k and below.
Option 2 - a completed WXY structure, which ends with wave Y in the structure 98 - 69,000.
In both variations, growth from the current point is possible through an entry impulse.
Variation through the plane with a peak at 110,000 from January 2025, and the formation of ABC with the end of wave C in a terminal diagonal, in this case, we have completed 3 waves down, there will be 4 and 5.
In all variations, a rebound, correction, price reversal upwards can be expected, and one must carefully monitor the candle structure on the 4-hour and daily charts.
After my last post about Solana, I actually mentioned that Ethereum below 80-60 is not interesting, there was a comment asking what should happen to Bitcoin, that Solana might reach such marks!
$BTC Michael Burry warns of a 'death spiral' for Bitcoin.
Famous investor Michael Burry (known for 'The Big Short' of 2008) stated that the current decline in Bitcoin could evolve into a self-reinforcing 'death spiral' that further plunges the market into a downward trend.
According to his analysis, BTC has already fallen approximately 40% from its peak values, and further declines may force companies holding Bitcoin on their balance sheets to sell the asset, which would further intensify the pressure on the price.
Burry emphasizes that the cryptocurrency does not show signs of being a 'safe haven,' unlike gold or silver, and its decline could cause cascading losses for corporations and highly leveraged markets.
$BTC MicroStrategy faces an unrealized loss of $4.6 billion on BTC.
As Bitcoin falls below $70,000, MicroStrategy (MSTR) faces an unrealized loss of $4.6 billion, Lookonchain reported. The company currently owns 713,502 BTC at an average purchase price of $76,052.
Selling pressure from miners is increasing as BTC trades 20% below production cost.
Bitcoin (BTC) is facing intensified selling pressure from miners as its price is significantly below the average production cost, reports Cointelegraph. Citing data from checkonchain, the report estimates that the average production cost of one BTC is approximately $87,000, while the cryptocurrency is currently trading 20% below this level. During the bear markets of 2019 and 2022, the price of Bitcoin also fell below its mining cost before ultimately recovering to comparable levels. At the current price, unprofitable miners are selling their BTC holdings to cover operational costs and service debts.
$BTC Michael Burry warns of a 'death spiral' for Bitcoin.
Famous investor Michael Burry (known for 'The Big Short' of 2008) stated that the current decline in Bitcoin could evolve into a self-reinforcing 'death spiral' that further plunges the market into a downward trend.
According to his analysis, BTC has already fallen approximately 40% from its peak values, and further declines may force companies holding Bitcoin on their balance sheets to sell the asset, which would further intensify the pressure on the price.
Burry emphasizes that the cryptocurrency does not show signs of being a 'safe haven,' unlike gold or silver, and its decline could cause cascading losses for corporations and highly leveraged markets.