The bull market is not over, but the bears are about to enjoy a moment because the pullback is coming soon.
BTC has broken through 100,000 dollars, but several signals indicate that a pullback is imminent. Reasons:
1. First, the closing price of BTC has been above the MA5 for 20 consecutive days. Looking back at history, the longest it has lasted was 28 days, during that super bull market from late 2020 to early 2021! It's like running; if you run too long without a break, you need to catch your breath!
2. Next, looking at the technicals, whether on the weekly or daily chart, the price has shot right up above the technical channel, clearly extremely overbought! It's almost like the surge from 19,000 dollars to 40,000 dollars in late 2020; they are practically twins! This heat is about to set the market on fire!
3. And those altcoins, it's simply outrageous! Just a random piece of news, and coins like MOODENG, $VIRTUAL, and PNUT have skyrocketed 3 to 5 times! This isn't just speculation; it’s like riding a rocket! But everyone knows that the higher you fly, the harder you fall!
I estimate that if luck is on our side, this wave may last another week or two, but if luck runs out, we might see a pullback this week! I believe it's not a big issue for BTC to break 100,000 dollars, but it will likely turn down after reaching 105,000 to 110,000 dollars. Everyone should not let the market's momentum cloud their judgment; taking profits is the hard truth!