Is Bitcoin Doing a Double Top Before Correcting Hard?
I'm not a Financial or Trading Expert, but in my opinion there seems to be a twin peak (more commonly called a Double Top) event taking place. Maybe I'm completely wrong, but I believe Bitcoin needs to correct back to $7K, maybe as low as $5K.
My reasoning is this: Bitcoin goes parabolic and peaks past 11K as a new record is set, and the Whales sell off very large sums of Bitcoin. This spurns smaller fish to flee the market, and the price crashes to 9k. A couple bounces happen as people buy the dip and sell smaller peaks. Then the whales buy back in when they see the price has stabilized. This large volume entering back into bitcoin triggers another FOMO as the price soars back to the previous all-time high.
Here is a classic Double Top:
The big question is: what happens now? does the second peak signal the big correction, or do we see a defiant second wind where Bitcoin moonshots into new records?
As always, good luck and good fortune to all my fellow Steemians. Thank you for reading.
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