BTC TOP 3
BITCOIN FLASH CRASH
FROM 65K TO 8K REAL QUICK
Bitcoin flash crash should not be that surprising anymore for anyone who’s been in the crypto space for a long time, right? But still, news of it still spreads like a wildfire.
It is to be noted that Bitcoin just broke above its previous all-time high yesterday, but right now, it’s back below it. Trading at $62,623.21, Bitcoin is back in the ascending wedge and must hold support for an upward trend continuation.
Earlier today, we have seen Bitcoin fall down 87% in seconds on Binance.us exchange. Some speculate trading algorithm bug, others thought of a possible trading mishap.
But just as fast as it went down, it also instantly came right back up to the current price range.
Although it would probably take some time to get back above its recent all-time high, looking at all the EMA/MA ribbons, there’s no reason to worry right now, said The Moon Carl.
So, is the bull market over? Not likely. Definitely not.
See how people on social media reacts after this flash crash incident.
Silly bears. It looks like they’re trying to make a #bitcoin dip but it’s not working.— Tyler Gunter (@ndgoLiberty) October 21, 2021
Was this the dip that the bears were warning us about?? 😂— The Moon (@TheMoonCarl) October 21, 2021
Felt the shade, guys? 😀
So did anyone actually get an entry on that #bitcoin flash crash this morning?— Jacob Canfield 🥚 (@JacobCanfield) October 21, 2021
It would be a very awesome and once-in-a-lifetime kind of opportunity if someone was able to catch that dip, don’t you think so, too?
Bitcoin ETF gets approved… few days later flash crash to 8k then right back up to 60k… Hmmm 🤔— CRYPTO PUMP (@CRYPTOPUMP247) October 21, 2021
I wonder who bought the bottom? People just got REKT and some just got richer. 💯
2013-LIKE BULL MARKET?
After creating an all-time high for Bitcoin and invalidating all those bear market arguments, more people have been referencing and comparing the previous bull market cycles.
Comparing them side by side, here’s what one trader thought:
2013 & 2017 & 2021 $BTC Bull Cycle Side by Side— Toni Ghinea (@ToniGhinea) October 18, 2021
Charts are very simple. In all of them we had
➡️ Mid-cycle correction
➡️ Reversal of the downtrend in July
➡️ Explosive Q4 with New All-Time-Highs pic.twitter.com/lRJRem3csm
On the other hand, Scott Melker, another trader/analyst, pointed out this All-time High we recently had is different than all the other all-time highs we’ve ever had. How?
3 Factors Why This ATH is Different
- Transactional Volume and Institutional Appetite – we are 7x on the daily on-chain volume this week, recorded $700b on average, compared to last April which only recorded $100B average daily volume.
- Less Speculation – number of BTC traders was reduced by almost 40% since April
- Less Overheated Markets – less leverage in the market right now, funding rates on Binance and FTX are 50% below February and April numbers.
Here’s a quick summary on what other analysts next immediate prediction are for Bitcoin:
- Matthew Dibb, COO of Stack Funds, next target in spot BTC is $80k in the short-term
- Ulrik Lykke, founder of ARK36, wouldn’t be surprised if we see BTC climb towards $100k during Q4 of 2021 or Q1 of 2022
- Samuel Indyk, an analyst at Investing.com, a correction could be on the cards
- Scott Melker, one of the leading crypto traders and influencers, since we’re in price discovery, Bitcoin should keep going up!
IS IT STILL OK TO BUY ETHEREUM?
ETH has had a massive breakout and has created a new all-time high at around $4366. Breaking out of the inverse head and shoulder pattern, the target is still at around $4600.
According to The Moon Carl, it is not too late to buy ETH. In fact, it could still reach the target with a high degree of certainty.
Also, a few hours ago, just right about after it hit an all-time high, Bitcoin crashed down to as low as $8k on some exchange bringing with it the whole market. Ethereum is currently trading back at $4k level, below its all-time highs, this could be a good buy opportunity for investors and traders alike.
DISCLAIMER: This is not financial advice. Do your own research.
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