The last 48 hours sure have been exciting! Personally I was able to swing trade some coins again and also work on my DCA bags clearing out over half of them. The question remains though, are we about to see a bull run? To be honest, yes but not quite yet. I think that we are through the worst of the bear market and over the next two weeks we will see a sideways (boring) market while everyone evaluates and people sell their DCA bags and others start buying in. This process coupled with Asian New Year will cause us to not develop a bull run quite yet.
The news coming out of the US Senate hearing yesterday was positive and is probably what contributed to the turn around we have seen however that is probably not going to be enough to keep the run going. We have to remember that we are missing a major portion of the market over the next two weeks as they celebrate the Asian New Year. Once they come back, we should start seeing a healthy injection of money into the market.
BTC price wise I think we are going to bounce between 7500 and 8800 with the occasional dip or peak slightly above or below that range. What we will be wanting to make sure of though is that we do not dip back below 7300 which is the last low point. As long as our lows keep getting higher and our highs higher, we will be setting up for a nice bull run. If we do not maintain this, then it may be a few more weeks following the return of the Asian markets before the bull run gets underway.
I find it interesting that with the weeks of bad news that has been coming out, all of a sudden we are starting to see a ton of good news, Ripple being adopted by a Chinese payment system, US Senate hearing going well, Singapore Government supporting crypto, etc. This just supports my recent blog that all the bad news recently (mostly fake) was just people pulling strings to drive the prices down. Now all of a sudden we are being flooded with good news so people want to buy back in driving the price back up. All this timed with the known pull out of the Asian Markets and setup to recover right after the Asian New Year when they know they will be buying back in. I am no conspiracy theorist but wow these events couldn't be timed better.
NOTE: I am not a financial advisor and this is just my opinion. Before making any investment please make sure you do your research and fully understand what you are investing in!