Could we see a BTC Sell off??? Could the bears be back?
The last time BTC displayed a similar pattern was in May 2019, which was followed by a significant drop of around 60%. Currently, I am establishing a bearish position on BTC as the indicators are showing negative signs.
The stochastics indicate a bearish hidden divergence, the RSI signals overbought conditions, and the charts show weakening momentum. Considering these factors, I am now bearish and increasing my position.
Bitcoin is notorious for its price volatility, with extreme price swings being common. We might be heading into another round of such action.
With the halving approaching, concerns about the environmental impact of Bitcoin mining due to its high energy consumption will resurface, especially as it becomes even more difficult to mint new coins.
Some critics still argue that Bitcoin lacks intrinsic value beyond its use as a store of value or medium of exchange, unlike physical commodities or fiat currencies.
While these factors do not guarantee a decline in Bitcoin's value, they are important considerations for anyone forming a bearish outlook on Bitcoin.
The stochastics indicate a bearish hidden divergence, the RSI signals overbought conditions, and the charts show weakening momentum. Considering these factors, I am now bearish and increasing my position.
Bitcoin is notorious for its price volatility, with extreme price swings being common. We might be heading into another round of such action.
With the halving approaching, concerns about the environmental impact of Bitcoin mining due to its high energy consumption will resurface, especially as it becomes even more difficult to mint new coins.
Some critics still argue that Bitcoin lacks intrinsic value beyond its use as a store of value or medium of exchange, unlike physical commodities or fiat currencies.
While these factors do not guarantee a decline in Bitcoin's value, they are important considerations for anyone forming a bearish outlook on Bitcoin.
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