BITCOIN SMALL CORRECTION TO GOING UP
This week, Bitcoin (BTC) reached a peak of $64,000 before slipping below $62,000, sparking speculation about its potential for further gains. Based on Wyckoff patterns, Bitcoin currently sits at a "critical psychological turning point," where market sentiment could drive its direction. Historically, investors tend to be pessimistic when facing losses but turn optimistic when their holdings are profitable. Keeping Bitcoin within the "zone of optimism" is crucial, and metrics like "Supply in Profit" indicate that investor confidence grows when a significant portion of Bitcoin’s supply is in profit.
However, external factors may impact this optimistic outlook. The U.S. government is reportedly planning to sell 69,370 BTC, worth about $4.3 billion, seized from Silk Road. A sale of this magnitude could trigger a bearish trend, as seen with Germany’s BTC sales earlier this year. Stockbroker Peter Schiff even suggested that Michael Saylor of MicroStrategy step in to purchase the seized BTC to stabilize the price. As a result, Bitcoin’s future remains uncertain, balanced between bullish hopes and potential sell-offs that could drive a market downturn.
However, external factors may impact this optimistic outlook. The U.S. government is reportedly planning to sell 69,370 BTC, worth about $4.3 billion, seized from Silk Road. A sale of this magnitude could trigger a bearish trend, as seen with Germany’s BTC sales earlier this year. Stockbroker Peter Schiff even suggested that Michael Saylor of MicroStrategy step in to purchase the seized BTC to stabilize the price. As a result, Bitcoin’s future remains uncertain, balanced between bullish hopes and potential sell-offs that could drive a market downturn.
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