I'm sorry, but that level of confidence is truly insane. I'm not saying that $BTC can't reach $50K, but when 76% of people are convinced that this is going to happen, that's exactly why we may first see a much more prolonged period of sideways movement. The market loves to punish consensus and, to be honest, I now see more short positions exposed than long ones. If we lose $54K, $48K is probably next... (IBIT ETF approval wick high) If we can hold the PWL, I would like to see some relief. We have already liquidated most long positions and, to be honest, I now see more short positions getting exposed than long ones. These are just my current thoughts on the LTF. Bear markets can be ruthless, so acceptance is key.
I'm sorry, but this level of confidence is actually insane. I'm not saying $BTC can't see $50K, but when 76% of people are convinced it's going to happen, that's exactly why we could see a much more prolonged period of chop first. The market loves to punish consensus, and to be honest, I now see more shorts exposed than longs. If we lose $54K, $48K is likely next... (IBIT ETF Approval wick high) If we can hold the PWL, I'd like to see some relief. We've already liquidated the majority of longs, and to be honest, I now see more shorts becoming exposed than longs. Just my current thoughts on the LTF. Bear markets can be ruthless so acceptance is key.
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