To be honest, I hope we won't see a rally.
A slow and steady rise from here would be very bullish.
Slow and steady not possible. Either goes parabolic another ~50$ and crashes, or runs of of steam and crashes.
So no matter what happens it will crash? Bitcoin can do anything it wants to. I agree slow and steady is unlikely, but parabolic $50 and crash or stagnation and then crash are definitely not the only two options. We could keep stair stepping upwards for quite a while longer, with some consolidation periods and retracements in between.
What you need for that to happen is an insane amount of fiat being poured in on all exchanges. Bid Sum on all exchanges is still low AF.
The pumps you saw these last weeks are mostly people not wanting to sell (yet) as we can see with the rapidly decreasing ask sums and a lot of longs going full retard.
This is something similar to what happened with the rally from $450 to $680 last year. It's not sustainable, it just delays the inevitable.
Then sure, if all exchanges will suddenly be flooded with fresh fiat with bid sums going crazy then the story changes and maybe the real uptrend can begin, but until then...
In the meantime as mentioned it could go to like $330-$360 (where the log trend line is, as I posted last week) tho, but it doesn't mean much long term, still.
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