Good news for long traders, holders, and other believers - we didn't fall to 70 after all (at least not yet).
The bad news - it will be very difficult to stay above 96, as those who didn't expect Bitcoin at 68 but bought at 75 (and large players most likely did) can already lock in their profits. 20k+ at one $BTC , just so you know.
Therefore, I wouldn't be surprised if the price fluctuates in the current range of 94-96,000 and then slightly drops to buy back in, and only then will it drive towards a new ATH. One can only speculate on the depth of the drop and the time frames.
Or maybe there won't be a drop at all - I'm not an oracle. But this is how I see the scenario.
Another depressing picture is dominance. It still follows a path to the stratosphere and shows no hints of a reversal. Completely ignoring local popular analysts, who indicated that the altseason had begun. And considering that most investors here do not have a portfolio made up of Bitcoin (these are my guesses, and there is no sarcasm - I have the same portfolio. So I am in the same boat with you), if Bitcoin goes looking for the bottom again, even locally and without updating the lows, altcoins will have a very hard time.
And if earlier $ETH I saw it as a relatively reliable asset - at least within the cryptocurrency market, now the idea of investing in a dog in a hat looks more appealing. At least it is bouncing off the bottom 😄
In summary: the rise of Bitcoin to previous highs and values of 100+ seems unlikely to me at the moment without any pullbacks. I believe more in a wide sideways movement, where we will be lingering for another month or two.
There are no expectations from altcoins at all. Picking from the bottom is a wonderful idea, but the recent drop in Bitcoin showed that the bottom for altcoins is not always predictable and often exaggerates expectations (I don't think anyone expected Ethereum to go below $1400 in January 🙂).
Of course, one cannot exclude some new manipulation, in either direction - but predicting manipulation is even more difficult. So we sit, observe, and take pictures 🙂
