Bitcoin has closed above $50k for 63 out of the last 64 days

To some, the trading in bitcoin has been a bit puzzling.

It has had tons of good news and tons of adoption, yet the price hasn't been going up.

While he bears will try to tell you that is bearish, it's really not...

This is exactly what consolidation looks like:

(Source: https://twitter.com/BTC_Archive/status/1392178718555217926/photo/1)

The price essentially went up 5-6x over a relatively short period of time and it's been consolidating those gains ever since.

That's generally how price action works.

Nothing goes up forever.

It tends to stair step its way up consolidating the gains along the way.

I suspect the current trend of 64 out of 65 days closing above $50k to continue for a bit longer still.

We may even have one more dip below $50k before we head higher, but I suspect that within 2-3 months bitcoin will have made a new high.

One bitcoin breaks $65k convincingly it's going to start moving fast again, probably all the way to $100k before the round of consolidation.

Stay informed my friends.

-Doc