Remember when Hivepumped in June 2022? 3 months after it pumped again, it’s 3 months after the last pump, and Hive has pumped again around the same margin!
Hi guysIt's been 3 plus months since I wrote about Hive’s price action and I'm back with an update on the recent price movement. As I mentioned in my previous post, Hive has been showing signs of decoupling from Bitcoin's price action, and this recent pump to $0.65 is yet another proof of that.
A few days ago, Bitcoin tested $25,000 and many altcoins rallied after that. However, while Bitcoin corrected to $23,000 levels, Hive caught a pump to $0.65, which is now the third time this pattern would repeat itself after hovering around $0.4 for three consecutive times. The first two pumps occurred in June 2022 and October 2022, and it's happening again now in February 2023.
It's interesting to note that these pumps have happened irrespective of Bitcoin's price movement, which is a sign of Hive's growing independence from Bitcoin's price action. There could be several speculative factors that are contributing to the pump, but the occurrences highlighted in my previous post should not be ignored.
This time, I didn't trade with Hive. Instead, I traded with HBD and BHBD and earned some profit through arbitrage as I explained in this postand it was better than the last time even though the pump was short-lived as usual.
The importance of trade size cannot be overstated when it comes to short-margined pumps like this one. Imagine trading with 10k Hive or HBD, it would have been a significant amount of money to make in a short amount of time. This thought reminds me that I still have a long way to go in terms of trading and investing, still learning and growing.
Hive's recent pump to $0.65 is yet another proof of its decoupling from Bitcoin's price action. The fact that this pattern has repeated itself three times in the past year is significant, and it should not be ignored. As a trader, it's important to be cautious and aware of the potential risks, but if done right, it can lead to profitable trades. I will continue to monitor Hive's price movements and provide updates as they happen.
Or maybe the word to use here is not “decouple”, maybe I’ll figure out another word that fits, but you kinda get my point. 🤌 One thing is certain. This looks bullish AF! to me, I don’t know about you.
What do you think?
Thanks for reading.