Fibonacci 32% Retracement
Updated
Considering the latest and continues news coming from the crypto and or Bitcoin (BTC) centric world where news of fortune 500 companies, institutional investors, banks, central banks, family offices, and now city governments have or are planning to invest heavily in BTC, have at this point become humdrum. This begs the question as to why the hell, with all this profoundly positive news, BTC is in a serious decline.
I don't have any answers as to why this is happening. It is as baffling to me as anything can be. Considering only 21 million BTC will ever exist. Todate 18.6 million have been mined and it's believed that 4 to 6 million have been lost forever as past holders lose their keys, die without passing it on to family, you name it folks have found very creative ways to lose BTC. This leaves us with about 14 million BTC in circulation that can be traded now.
Yet Grayscale, Micro Strategies, Square, and now Tesla are in a mad sprint with each other trying to buy as much BTC as they can. The laws of supply and demand seem to no longer matter.
So I'm going to say the bottom of this dip will settle at about 42300.
Why? No sound reason, nothing makes sense in this space unless you factor in purposeful manipulation. No, my reason is as simple as this because the last dip stopped at a 32% decline. That is it.
People are creatures of habit, they are predictable and thus in order for my theory to have any merit, purposeful manipulation must be the reason and thus it will repeat itself as before.
Cue the scornful insults, the well-intentioned tutelage of how the world work.
I don't have any answers as to why this is happening. It is as baffling to me as anything can be. Considering only 21 million BTC will ever exist. Todate 18.6 million have been mined and it's believed that 4 to 6 million have been lost forever as past holders lose their keys, die without passing it on to family, you name it folks have found very creative ways to lose BTC. This leaves us with about 14 million BTC in circulation that can be traded now.
Yet Grayscale, Micro Strategies, Square, and now Tesla are in a mad sprint with each other trying to buy as much BTC as they can. The laws of supply and demand seem to no longer matter.
So I'm going to say the bottom of this dip will settle at about 42300.
Why? No sound reason, nothing makes sense in this space unless you factor in purposeful manipulation. No, my reason is as simple as this because the last dip stopped at a 32% decline. That is it.
People are creatures of habit, they are predictable and thus in order for my theory to have any merit, purposeful manipulation must be the reason and thus it will repeat itself as before.
Cue the scornful insults, the well-intentioned tutelage of how the world work.
Note
20-day downtrend.If my idea is to hold water and follow the previous manipulation then how long should this downtrend last. Well if you look at the previously correction it started on February 8th and continued until Feb 28th that is 20 day. This one started on the 28th of February and therefore it should, should, end by March 19th.
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