TL; DR
Full story
Last Thursday morning the market was on edge!
Most major tokens were pulled from the market after BTC hit a new all-time high of $73.7k…
By Saturday afternoon, things had taken a violent turn.
Bitcoin had made its way to $64.5k, “pulled a Mantacore*” and reminded everyone that despite the influx of money coming from the ETFs:
It is still a wild animal.
(*Mantacore is the white tiger that tore Roy, from ‘Siegfried and Roy’).
“Cool reference, nerds – you still haven’t explained WHY it happened.”
We’re glad you liked the reference! In that case, let’s go further and make an analogy using another age-old cultural reference…
Do you know the story of the tortoise and the hare?
Remember the part of the story where the Haas takes a break halfway through the race because he’s so far ahead?
Bitcoin is in a similar situation (it’s WAY ahead of schedule).
Based on historical patterns, the new all-time high wouldn’t be reached until December of this year…
We have already achieved and achieved it several times this month.
And with ETFs pouring cash into Bitcoin Monday through Friday, weekends have become weak points for BTC price action.
(There isn’t as much buying pressure to keep the price up).
And this weekend, selling pressure increased as the price started to stabilize and market players decided to take some early profits (since we are so far ahead of schedule).
Okay, now you know!
