Why do I think the Bitcoin market cycle is not over yet?
After breaking through 120,000, BTC has seen a slight pullback today, currently down by 2 points. After such a significant rise, technical pullbacks and high-level profit-taking are very normal.
This week is still cryptocurrency week, with Congress set to review a series of bills, and the market holds a positive outlook on this.
Reasons: ① This market cycle is driven by institutions, with spot Bitcoin ETFs being one of the main drivers for capital inflow. This is not a fleeting moment but is supported by substantial momentum.
② Google search index shows that public interest in Bitcoin has not yet reached the levels of the bull markets in 2021 and 2017. The price rise has not generated a large-scale increase in attention, and downloads of apps like Coinbase have not shown significant fluctuations.
③ From Bitcoin's rainbow chart, it can be seen that the current price has not yet reached the FOMO and bubble regions.
