Financial earthquake alert in the crypto world! 🚨 Is Bitcoin going to crash after touching the sky?
What's up, my people! If you're into cryptocurrency, your heart is probably racing. Bitcoin has just made history, reaching a staggering $124,000, a new all-time high. The joy doesn't last long because the rocket 🚀 has stopped, and now it's pulling back. All eyes are on one question: is this the start of a crash or just a small pause before continuing to rise?
The dilemma of the ascending channel 📈
For months, the price of Bitcoin has moved like on an invisible highway, in an 'ascending channel'.
The news here is that right now it is touching the lower edge of that highway. If it breaks out of there, watch out! We could see a drop to $110,000. But if it holds, it could revive the momentum to aim higher, maybe to $130,000. It's like a soccer match ⚽️: if the ball crosses the line, it's a goal for the bears; if not, the game continues in favor of the bulls.
What does the street say? 🚶♂️
Experts not only look at price charts, they also analyze 'open interest' and the SOPR, which is an indicator that tells them whether those who have held Bitcoin for a short time (short-term investors) are selling for profit or loss. The thing is that now many of them are taking their profits. That's nothing new; it's what they always do after a strong rise. The problem is that the profit margin they are taking is getting smaller and smaller. This could be a sign that investors no longer see the same growth potential as before and that the party might be coming to an end. 🥳➡️📉
What does it feel like on the street? 🤔
This downturn is testing everyone's faith. The crypto community is at a critical point. Bitcoin's next move will set the pause for all other players in the market, from Ethereum to smaller projects. The million-dollar question is whether this downturn is a golden opportunity to buy or the first piece of a domino that will knock down the entire market.
It's time to stay calm and be alert. Bitcoin's next move could define the market's future for the rest of the year.$BTC
