In a spectacular display of self-fulfilling prophecy, technical analysis traders waited until the last second to pull the trigger and call an end to the bear market today.
Of course, when we look back in history, everyone will say the bear market ended on December 15 when Bitcoin bottomed at $3200. Hindsight 20/20 amirite?
The Bears were looking for any excuse to short the price of Bitcoin. Now those shorts have been squeezed hard. Resistance line after resistance line got shattered with only small hiccups in the way. November 14th became the crux for all these virtual barriers.
Today, the last major resistance line was broken, and it's become very obvious that some of the bears just became bull run players.
Called it.
I predicted this behavior five days ago:
bitcoin-keeps-bouncing-off-moore-s-law-support
It feels good to have bought in preemptively.
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|
| $100 | $200 | $400 | $800 | $1600 | $3200 | $6400 |
| Jan | Feb | Mar | April | May | June |
|---|---|---|---|---|---|
| $3467 | $3733 | $4000 | $4267 | $4533 | $4800 |
| July | Aug | Sept | Oct | Nov | Dec |
|---|---|---|---|---|---|
| $5067 | $5333 | $5600 | $5867 | $6133 | $6400 |
Still, with a baseline value of $4267 at the end of April, now is still a pretty safe time to buy in, assuming my Moore's Law speculation is accurate. I think we have to assume that many traders will become quite overexcited by the prospect of a newly emergent bull run.