This chart should comfort anyone concerned about the current BTC dip...
Bitcoin is down almost 20% from the highs, but this is probably the bottom...
If you are new to bitcoin you are probably cursing under your breath quite a bit the last few days when checking in on the price.
I don't blame you, it caught me off guard as well.
However, history shows that this trend is probably bottoming right now, and will go on to make new highs very shortly.
Specifically, bitcoin tends to bottom at or near the last Friday of every month.
Check this out:
(Source: https://twitter.com/BinanceKiller/status/1375124779150143492/photo/1)
If that chart doesn't give you some comfort, I don't know what will!
Why this continues to play out like this probably has something to do with monthly options expiration.
Currently there is more than $6 billion worth of bitcoin options set to expire tomorrow, which is the largest expiration ever.
I suspect we will see the above trend play out yet again, with bitcoin bottoming most likely today or sometime with a few days of today.
April is going to be a lot more fun than the last couple weeks have been...
Stay informed my friends.
-Doc
MAX Pain!
That's a nice theory that tends to work an awful lot.
Hey buddy, good to see you still posting here, I think steem is gonna explode soon! :)
Thank you, you as well! It's much more welcoming than other places I won't name.
I feel the same way man! Some places don't practice what they preach do they. hahaha
Short term the markets are extremely difficult to predict but in the long term things are way more stable :) just don't panic!
It's crazy how often this works out like this.
Eventually this trend will break, hopefully it breaks this month.
I'd like to see a rally all month long through May as well.