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The Market had some fooled but Bitcoin’s Bull market phase is not over, it’s still on!!

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Written by   1
3 months ago
Topics: Bitcoin, Crypto, Investment, Market, Price, ...

 Remembering 2017, the year of Bitcoin’s Bull run towards it’s top of 19,700$

During the last bull run, my cat Garu was a kitten as it came home on 17th March, 2017, at a time when Bitcoin’s price was around 1000$.

My Cat Garu - the Bitcoin cat with a heart of Bitcoin


He had a very good super bullish Bitcoin horoscope because he came around the time when Bitcoin was in a bull run, with the king crypto making a top on Jan 2018 going above 19,000$ after which it was time for it to crash diving into the bear market cycle.

Can’t believe that was more than 4 years ago!!

Cat Garu is privileged that its existing to witness another mega bull market movement, although can’t deny that Bitcoin has grown very big in Market Cap since cat Garu was a kitten, and has already been through some exciting Bull cycles.


End of last year Bitcoin raged from above10,000$ in September 2020 to breaking the ATH(All time Highs) and going beyond 20,000$ on December 2020.

From trading view

Oh boy that was super exciting!!

 The Bull market pause mistaken for a bear market in 2021

Well, of late there was a lot of fear in the crypto world, with BTC’s price declining from April from 64,000$ to 30,000$ in May.

Some investors were scared about BTC's prices that declined 50% from its recent All Time Highs

There was uncertainty, with some sections of investors feeling that it could be that the Bitcoin bear market has commenced as Bitcoin price’s did go below the 200 EMA (Exponential Moving Average), which traditionally signifies a bearish momentum.

Then there was the death cross where the short-term moving average, 50 day EMA went below and crossed below the long term moving average of 200 day EMA.

Crypto creatures like me believed that BTC’s bull run is far from over

However, fundamentally, Bitcoin was bullish, with important data science metrics like Bitcoin’s Stock to Flow model that you can view at https://www.lookintobitcoin.com/charts/ , saying that Bitcoin’s price is undervalued.

Besides, if you notice BTC’s price charts, there were buyers coming in whenever the price of BTC went below 30,000$. So, crypto investors like me believed that BTC is not finished with the bull cycle yet.

Green bullish signals flickering for Bitcoin now!!

 

We believed that BTC was in the accumulation stage. Now that belief gets validated as Bitcoin exits its accumulation phase it was on from May 18 till August, breaking off from the price wedge BTC was in between 30,000$ to 41,000$ price ranges. Now, with BTC’s price breaking off the 41,000$ resistance, technical indicators slowly begin to flicker bullish for BTC.

From trading view

Now BTC has gone above the 200 day EMA and with the continued price rise there is going to be a Golden Cross too. Soon, with the Golden Cross taking place, BTC’s short term moving average, the 50 day EMA will cross up above the long term moving average, the 200 day EMA, and this is considered very bullish.

Also notice, buyers are coming in to buy BTC at high prices now, with the big wick at 37,643$ price indicating that fact. BTC price has formed a higher low at 37,643$ and has formed a higher high too with price touching 45,000 ranges. This is bullish too.

So, yup we long term Bitcoin Hodlers are gearing up to enjoy the bull ride now baby!!

Curious cats checking out a master leaf

Last but not the least, 4 and a half years of Garu is a great blessing in my life just like crypto has been a great blessing in my life and both are going to enrich me further in a lot of ways, I can ever imagine for sure in the coming years!!

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Written by   1
3 months ago
Topics: Bitcoin, Crypto, Investment, Market, Price, ...
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