TL;DR
Full Story
Last Thursday morning, the market was riding high!
Most major tokens were pulled up after BTC reached a new all-time-high of $73.7k…
By Saturday afternoon, things had taken a violent turn for the worse.
Bitcoin had found its way down to $64.5k, “pulling a Mantacore*” and reminding everyone that despite the inflow of cash coming from the ETFs:
It is still a wild animal.
(*Mantacore is the white tiger that mauled Roy, of ‘Siegfried and Roy‘).
“Cool reference, nerds — you still haven’t explained WHY it happened.”
We’re glad you liked the reference! In that case, we’re going to go ahead and make an analogy using another age-old cultural reference…
You know the story of The Tortoise and the Hare?
Remember the part of the story where the Hare takes a rest break, mid-race, because he’s so far ahead?
Bitcoin is in a similar situation (it’s WAY ahead of schedule).
Going off historical patterns, the new all-time-high wasn’t set to be reached until December of this year…
We’ve already hit it and passed it multiple times this month.
And now that the ETFs are pouring cash into Bitcoin from Monday-Friday, the weekends have become weak points for BTC price action.
(There isn’t as much buying pressure to prop the price up).
And this weekend, the sell pressure mounted as the price begun to plateau and market players decided to take some early profits (seeing as we’re so far ahead of schedule).
Alright, now you know!
