Bitcoin Forum

Bitcoin Chart Bot (https://x.com/BitcoinChartBot/status/1870446655398650002) 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.

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.

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.   

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.

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.

if there's anything that have a very great level of certainty is the continuous growth and the bright future of bitcoin even if many may wan to probably doubt it, they may later join in after they may have seen more results after now but as it has to do with the price of Bitcoin, its always gone from weak to strong and will continue in that pattern to going even stronger that they may even not get any weaker than they have ever been much before now, this is one of the reasons bitcoin continues to be a store of value and not just the regular cryptocurrency like with every other cryptocurrencies.

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.

BTC is trending down right now but its doing it in a regular way so do we find that to be positive in its regularity Im sure.   The chart looks very dramatic, the sell off in August is the big red spike down there so that equates to volatility fairly I think.

Right now I think negative price action but also range bound.  BTC did try to rise today but its boxed in, all we did was confirm negative trend is likely for the moment but at least it had tried to rise.

it's because people with paper hand have no bitcoin left to sell, so less drawdown.

but seeing from the current chart, I kinda feel like BTC could still be having some retracement to 90k or 88k before going back to $100k++ again

https://imgvb.com/images/2025/01/01/c601c26b02ad4751c62d4f2d387679b4.png

it needs to long squeeze people first as a fuel to go up it seems, doesn't mean anything though, it can be just going up from here on since we got good bounce from the recent support.

Volatility is the up and down of the price, preferably in a quick manner but the one that you saw there (a big spike) can rarely occur I believe. The moment you see BTC might be negative but right now, I see a positive one. It may not last a long time though, as we said earlier that BTC is volatile (a highly one). And yeah, it is also in a range bound because we haven't seen a major movement yet either downwards or upwards nowadays. It may feel like it was boxed-in like you said but I think there is no such element like a negative news that is boxing'in BTC right now. It is still great to know that BTC tries its best to rise even though it fails. It is proving to us all that it will always be a worthy investment to have.

It is the same as what is on the bitcoin rainbow chart where the dump and pump fluctuations are reduced, it is based on the strength of the holder and also the more expensive the price, the higher the lowest price will be and the multiples from the highest ATH to the next ATH are getting weaker, that's what I noticed when adjusting to the OP and bitcoin rainbow diagrams, meaning the longer it gets more expensive and higher.

This has been known for a while, and while charts supporting this idea is a great feeling because it confirms what we already knew, it's also not really needed. During the bull runs, there are drawdowns and corrections because we see plenty of people taking their profits, and that's a good thing because we need to get rid of those people and only keep up with holders to grow, and that's what we are going to end up doing eventually, that's what we need to achieve without a doubt.

I can see that it is not going to be that insane on the long run, but with time we need to get better for sure. It's a difficult job to handle, but we can do it and that's what matters, we can definitely reach to a point where it's harder to live this way. So we can definitely make this work without a doubt, just need to keep it holding. I understand that going down a bit made people upset, and that's normal people want to see only ups and be happy, but we needed to have these downs in order to make it grow even further.

Bitcoin is one of the most valued asset right now. Even the plebs have kin interest in investing in Bitcoin just that most of them do not have consistent cash flow to start their investment after learning a few things about it. Unlike any other asset Bitcoin has been gaining more trust over time and the reason is because people that kept on joining in the investment has never been disappointed. Trust is earned it doesn't come like that. There will be a time when the population that will be willing to invest in Bitcoin will increase then the amount availlable for easy purchase will be less thus increasing the price of Bitcoin so high.