This is a "return to normal" phase pushed by bulls who are trying to reclaim losses incurred from buying at the top last month. I'm guessing buy support will break before we can push to another ATH.
You may be right, I'm not sure whether we'll pass the ATH quite so soon.
However, I reckon these "bulls" you talk of pushing the price up, are not the same bulls that bought at the top. The
big money would be smarter IMO, and would have waited for a correction before buying in, or bought in earlier.
What that means I have no idea, bullish I guess??
Earlier like $0.1 earlier? Come on, big money knows how the exponential function and the s-curve works. If they understand bitcoin, they will buy as much as possible as soon as possible.
Given the $1300 Merrill Lynch / Bank of America valuation, apparently they have no clue.
Yeah, Re: Merrill Lynch's valuation, I think it's a value that was engineered to sound reasonably bullish, without instantly causing panic by being incredibly high (they have probably sussed that the value
could increase by another order of magnitude, they obviously don't want to say that publically because they could lose money, and look stupid).
What I meant with the "big money" is that: Big investors would probably either have bought in between $300-900, or would have waited for a dip (which did look like it was coming sooner or later tbh...).
whereas little fish are more likely to buy near the top.
