So, back in early 2024, the world of finance got a major shake-up with the green light for multiple Bitcoin ETFs. People were all over the place with their opinions, and the market was buzzing with excitement and skepticism.
The initial hype pushed Bitcoin's price up, but it didn't last long. A 12-day slump followed, with Bitcoin taking a 21% nosedive. The bears were celebrating, thinking they'd won the game. But guess what? Their victory dance was cut short when Bitcoin decided to pull a 180 and pump straight up for 51 days, skyrocketing by 98%.
This wild ride taught us a valuable lesson: in a bull market, the bears don't get to party for long. So, if you're feeling bearish about Ethereum (ETH), you might want to rethink your stance. The market can turn on a dime, and you don't want to be left behind when the tide changes.
The Bitcoin ETF saga has given us some insights into what could happen with Ethereum. As digital assets become more mainstream, the potential for Ethereum to follow a similar path is huge. So, for all you skeptics out there, keep an open mind and be ready for a possible shift in the market's direction.
In a nutshell, the Bitcoin ETF rollercoaster shows us that the crypto world is full of surprises and opportunities. As the market keeps evolving, there's no telling what's around the corner. So, stay on your toes and be ready to ride the wave of change!
Based on the chart below, we can conclude that every #Bitcoin impulsive move lasts around 49-70 days.
Also, the 2.618 fibonacci level consistently indicated the short term tops, With the next target of $100K that should be reached in the next 49-70 days.