Everyone is afraid that $BTC will drop sharply because the number of people buying $BTC at a profit is very high.
In addition, reading many Western experts on technical analysis, I also see them drawing prices towards 7x to fill the gap.
In fact, during a bull run, the story about the percentage of people holding $BTC at a profit is always high, so using it for general assessment is not convincing enough.
Many people holding altcoins partly FOMO into memecoins, while the rest still try to hold but want to optimize into $USDT just because they fear a strong drop in $BTC creating a bull trap.
I take the example of the $BTC Bullrun 2021:
- Around the 40k drop to 30k => $BTC dropped, DOM decreased, and most altcoins started to rise very strongly during that period. And at this time, the percentage of people holding $BTC at a profit was still extremely high.
So during this period, I think $BTC will still hover around 85-90k to correct before soon reaching 100k to allow market share for Altcoins.
At that time, everyone will only care about one thing, which is where to take profits and how much percentage to take.
As for the strong correction, I think there is still not enough FOMO and liquidity story for MM to push the price down deeply at this moment.
#MarketDownturn #BTC☀
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