Hello!
Yesterday Adam Back posted this chart on twitter:
The chart shows the Bitcoin 200 week moving average (200 wma). This means the average price of Bitcoin for the last 200 weeks (4 years) is $38,000 . The average price for the last cycle is approaching $40,000. The price of Bitcoin today is $60,000, not that far from the moving average.
If we take a look at where the other cycles top were compared to the 200 weekly moving average, we can see clearly that it looks like now we are not at the top. The top should be a lot higher than $60-$70k.
It should be at least x3 or x4 the $38,000.
Bitcoin is fighting the $60,000 mark, this fight has been veeeeeeeeeery boring. I've seen some of my friends (not crypto experts) capitulate. Some have sold their positions, some changed their altcoins and went full degen mode gambling the money they have it.
I've been telling them for weeks that they need to be patient, but it seems that they don't care. I assume there is people that will never learn.
What if the bull run takes longer?
Well, if it takes longer than expected it will be very painful for a lot of people. But those who have high conviction will thrive. This community is one of the stronger I've ever saw, I have no doubt that all the Hivers that are still here will enjoy this next bull phase.
I hope you had a great day!
Stay safe out there!
Posted Using InLeo Alpha