Sentiments Has It Again - The $65-66k Mark Dump or Pump. Will History Repeat Itself?

It's not quite surprising to see that the crypto market is repeating itself. This pump was actually expected as some factors has actually contributed which seems to be good news in the market and this was when the Germans sold off all their bitcoins and probably bought the dip, leading to a huge surge in the market and price of bitcoin. It was a rally news in the crypto market that the sell off contributed to the major dump in the crypto market, a dump of bitcoin from $73k to $53k.

This dump caused a major sentiment in the market and a lot of people started selling off their assets, fearing they'll be more dips or dump in the market. Now, the market is very promising as green candlesticks give life to the bones as we can see on the chart shown above. The market is correcting. Bitcoin is trying to regain from the dump.

Shorters have been seriously liquidated from the market as many didn't expect this correction or pump in the market. Now there's another sentiment. Many has sold off their assets as they are expecting another dump though not a major dump before a final takeoff. Why the optimism of bitcoin dropping by 2%?

Why did I say so? Let's quickly glance through the history of the price of bitcoin last bitcoin halving, July, 2021. In the chart shown below, we can see that this pump started second week of July at bitcoin surged from $28k to $42k which was the new peak it created of about 6% in the 1D timeframe. This isn't an exception today that's why people are optimistic that it may drop the way it dropped that year.

Comparing to present day, the current bitcoin halving year 2024, July sets in to repeat what happened on July, last bitcoin halving. Bitcoin pumped from the $53k price after the dump to a 6% pump or surge in the price of bitcoin to $66k. If we want to compare these movements, we'll see that the difference from $28k to 42k is 13 and the same is currently happening as the difference between $53k to $66k is 13.

This prediction is quite accurate though and from what I'm seeing in the chart, bitcoin price is repeating history. They'll be a surge to $72k ending of this month following the last bitcoin halving chart. People who use history to trade has sold off their assets while expecting a drop as bitcoin price dropped when it hit $42k.

It dropped from $42k to $39k. The difference wasn't that much not until it surged to its peak of $50k. Some may choose to follow this pattern but the market is very much unpredictable. The line stands on this $65k to $66k mark. Some have the view that bitcoin will still surge until it gets to $70k before it drops while others view that it may drop as expected to $63K and then pick up again, creating a new high probably at $78-$80k..

Another factor then can influence the movement of the market now is the news in the market. News affect the movement of prices of assets in the crypto market. The news that the Germans sold off their bitcoins worth over 500k bitcoin caused a dump in the crypto market making bitcoin drop from 72k to $53k. So there's a possibility that a negative news can come up in the market, leading to a drop in bitcoin's price from that $66k or there may be a positive news coupled with market dynamics that can make it surge.

In conclusion, no financial decision or trading decisions are made as no one knows the exact movement of the market in days. You just need to do more solid research using some technical tools tested using past historical data if it would improve your decision making on what to do next. To hold or sell?

All screenshots are from my binance account

Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have