Fake out or break and go?
Bitcoin is at an interesting spot...
Did we just see a fake out above $65k or was this the start of up only?
(Source: https://x.com/sheikgem/status/1839317226920477124/photo/1)
Personally I think it was a fake out and we are going to see more chop and pullback before the really big move starts, but that might just be me being jaded over the last 6 months of chop trading.
Here's to hoping it is a breakout and I am wrong!
Bitcoin really is at an interesting crossroads right now! 🤔 The movement above $65k certainly grabbed attention but I’m with you—it feels like it could have been a fake out We’ve seen so much chop in the market recently, and after months of sideways trading it’s hard not to be cautious about any sudden upward movement. It almost seems like the market needs to flush out weak hands or test lower levels before any sustainable uptrend kicks in.
Personally, I think we might be in for more pullbacks and consolidation in the short term There’s a lot of external factors influencing Bitcoin’s price right now from global economic uncertainties to regulatory developments. All of these could play a part in causing hesitation in the market. But that being said if the breakout is real, and I’m wrong we could see some incredible momentum building up especially with institutional interest growing and potential catalysts like ETF approvals or mass adoption driving prices higher. 🚀
What are your thoughts on the macro side of things? Do you think we’re due for a pullback or is this finally the start of something bigger? Either way it’s exciting to see how it all plays out!