Bitcoin is always called the OG because of many things including the fact that it's trend has been an overall bullish trend ever since 2009 when Satoshi released it till date. However the pull back was sudden and really quick too. Infact I was not too surprised and I also expected a pull back to be relatively fast too especially since the pump was also very sudden and fast.
Although $100k is something many bitcoiners were expecting, many were of the belief the reaching the $100k mark would be gradually rather it turned out really fast. From the X post you shared I think they trying to actually comment on the recent drop to being possibly a major pullback which would be an opportunity for bitcoiners to buy some more coins.
Topic: Bitcoin market drawdowns from local highs (Read 59 times)
Bitcoin is now almost 15 years old and it has now a history that clearly tells it has bright future ahead. There are many ups and downs in price of Bitcoin but eventually we are standing at 100k$ and nobody knows what more highs Bitcoin has to see. In past 15 years Bitcoin has switched many times from weak hands to strong hands and those who showed there trust in Bitcoin have got there reward. With price of Bitcoin going high, many newcomers are jumping in to get profit thinking that price of Bitcoin will only go up and they will quit when price will slightly go down.
Bitcoin Chart Bot posted on X.
You can check it on Glassnode too, it's free access now, and I hope Glassnode will not turn it to only for Premium accounts.
https://studio.glassnode.com/workbench/bf532ce2-a66b-4798-6deb-bf3ba7decc59
I like the first chart, because it has grey color lines for local highs.
Bitcoin beomes bigger and stronger with time, and its drawdowns from local highs in bull market become smaller with time and cycles too.
You can check it on Glassnode too, it's free access now, and I hope Glassnode will not turn it to only for Premium accounts.
https://studio.glassnode.com/workbench/bf532ce2-a66b-4798-6deb-bf3ba7decc59
I like the first chart, because it has grey color lines for local highs.
Bitcoin beomes bigger and stronger with time, and its drawdowns from local highs in bull market become smaller with time and cycles too.
We are having this coming again this time maybe because of the recent drop in the market price or maybe because the market season is about changing as the year is also rounding up, however, having a drawdown for now is not what we could see as loss, because the market is not having a single move on one direction, as we go through the remaining days of the year, anything is possible and we may have the resistance level breakout and we go more bullish.
The drawdowns are getting smaller because with each cycle the coins move from the weak hands to the strong hands. There are holders who are willing buy from and price and will keep holding forever. These people will never give up no matter what happens. $1 or $1 billion, the price of one bitcoin means nothing to them.
Some other people though, will always be selling whenever they make some profits. That could be 100%, 30% or 300%. Again, the number doesn’t matter. One way or another; they will hold only temporarily. In the end since the supply is limited, the hodlers will always be the bigger winners in the long run.
Some other people though, will always be selling whenever they make some profits. That could be 100%, 30% or 300%. Again, the number doesn’t matter. One way or another; they will hold only temporarily. In the end since the supply is limited, the hodlers will always be the bigger winners in the long run.
There's a number of reasons why they become smaller. One is of course the number of hodlers in each cycle, but that's not the only reason.
As bitcoin becomes more valuable and the market cap gets higher, you get less inflows and outflows in a given period of time. Years ago when you had a million USD coming in, or someone moving a million out bitcoin reacted. In 2010 if someone were to withdraw 100k, that would crash the market, as that would mean a 100k coin move in a 3m coin market, so 2.5% of total market being liquidated. Nowadays if you move a million $ in or out, that's nothing. Not even 0.01% of the market. The capital a single person controls and is able to move in or out of bitcoin remains relatively small in relation to the market cap, even if you're a large holder with over 10m in BTC.
In the old days there were multiple entities that controller close to 1% of the supply, but now you're one of the largest holders in the world with 100x less. It's completely normal that the market stabilizes and matures as time goes by and the supply gets distributed among new investors.
The drawdowns are getting smaller because with each cycle the coins move from the weak hands to the strong hands. There are holders who are willing buy from and price and will keep holding forever. These people will never give up no matter what happens. $1 or $1 billion, the price of one bitcoin means nothing to them.
Some other people though, will always be selling whenever they make some profits. That could be 100%, 30% or 300%. Again, the number doesn’t matter. One way or another; they will hold only temporarily. In the end since the supply is limited, the hodlers will always be the bigger winners in the long run.
Some other people though, will always be selling whenever they make some profits. That could be 100%, 30% or 300%. Again, the number doesn’t matter. One way or another; they will hold only temporarily. In the end since the supply is limited, the hodlers will always be the bigger winners in the long run.
Bitcoin is now almost 15 years old and it has now a history that clearly tells it has bright future ahead. There are many ups and downs in price of Bitcoin but eventually we are standing at 100k$ and nobody knows what more highs Bitcoin has to see. In past 15 years Bitcoin has switched many times from weak hands to strong hands and those who showed there trust in Bitcoin have got there reward. With price of Bitcoin going high, many newcomers are jumping in to get profit thinking that price of Bitcoin will only go up and they will quit when price will slightly go down.
The drawdowns are getting smaller because with each cycle the coins move from the weak hands to the strong hands. There are holders who are willing buy from and price and will keep holding forever. These people will never give up no matter what happens. $1 or $1 billion, the price of one bitcoin means nothing to them.
Some other people though, will always be selling whenever they make some profits. That could be 100%, 30% or 300%. Again, the number doesn’t matter. One way or another; they will hold only temporarily. In the end since the supply is limited, the hodlers will always be the bigger winners in the long run.
Some other people though, will always be selling whenever they make some profits. That could be 100%, 30% or 300%. Again, the number doesn’t matter. One way or another; they will hold only temporarily. In the end since the supply is limited, the hodlers will always be the bigger winners in the long run.
Bitcoin Chart Bot posted on X.
You can check it on Glassnode too, it's free access now, and I hope Glassnode will not turn it to only for Premium accounts.
https://studio.glassnode.com/workbench/bf532ce2-a66b-4798-6deb-bf3ba7decc59
I like the first chart, because it has grey color lines for local highs.
Bitcoin beomes bigger and stronger with time, and its drawdowns from local highs in bull market become smaller with time and cycles too.
You can check it on Glassnode too, it's free access now, and I hope Glassnode will not turn it to only for Premium accounts.
https://studio.glassnode.com/workbench/bf532ce2-a66b-4798-6deb-bf3ba7decc59
I like the first chart, because it has grey color lines for local highs.
Bitcoin beomes bigger and stronger with time, and its drawdowns from local highs in bull market become smaller with time and cycles too.
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