"#Bitcoin[IMG]'s big support at 60k and the longer term #trend...

"#Bitcoin's big support at 60k and the longer term #trend line are gone. We are well below the 100 day moving average and we have not traded this much below the 200 day moving average in "forever". #Assets tend to move violently when big ranges are broken as the psychology inside the consolidations create a form of vacuum, above/below key resistance/supports. $BTC is down around 25% since early June." -@themarketear

https://x.com/LanceRoberts/status/1809196290355380289

...X-mas tree theory would suggest a possible bottom around $50k or worst $40k.

....BTC has entered bear market so quickly. But what we ought to learn from this is that when an asset class has gone up significantly, we tend to want to believe that it is going to the moon and it would be absurd to sell oneself short by exiting so quickly, the fun has just begun. Then when consolidation starts which progresses over a few months, we want to believe that a short period of pause would be healthy for a bigger run forward. But after consolidation, it began to weaken which we rationalises as being a short term pullback we needn't worry too much. Then all of a sudden the price collapses and panic selling began as people recall how badly a BTC collapse can be like....

This tells us :
1) Don't take a sharp rise in asset class for granted, despite all the experts saying its going to the moon. I think we saw that with Silver too.
2) If you want to sell, don't procrastinate. It won't get better in the short term at least.
3) What happens to BTC in this correction could also happen to Nasdaq

BTC could come back in a big way later, but everyone who thought the much publicised halving event would rocket BTC to $100k have thought wrong. The more that people think its going one way, the more likely it is going the other way.