I believe in the past there's always been a leg down after a period of accumulation. This time might not be any different. However, I wouldn't risk sitting on the sidelines. If it does take another step down and consolidates, that would be the absolute last chance to grab the bottom. With all the calamity going on with exchanges rushing to get BTC to back their client funds after years of fractional reserve banking, it is possible that we don't see another leg down. Either way, I'll be a buyer of the dip, or the flatline.
Dunno, for some reason some of the guys around here look for some sort of steep drop then a quick recovery. I'm not sure if it still could work that way in the middle of all the bad stuff that has been going on recently. A steep drop now could make BTC stay where it lands for quite some time.
I've also seen a couple of guys saying that we could be seeing a new cycle for BTC and crypto. Didn't believe them at first but it looks like they could be right... Check out the rainbow chart. There's a V2 now. Lololol.
As of now, BTC was still stuck on the same value and there is no signs of being bullish but I also don't think that there will be a steep drop that is going to happen. I think if there will be drops then that will only be minor ones and after it the price will then recover quickly to this price we have here now or better. Other than $16k, the second recovery point for BTC would be $20k.
The new cycle for BTC and crypto that they are saying can be true once we have passed this current year. To be honest I am also expecting about that. Well there is no way that a bearish market can remain forever right? But there must be a bull run too that will take place.
