Bullish Selling
Sell-side pressure from investors who believe the 4yr cycle has ended hit a new local high this weekend, exceeding $3.1B/day...and yet the bears still can't convincingly take out $100k.
G’day Folks,
The current talk of the town is ‘OG’s selling’, which can be broadly summarised as: Bitcoiners coming to terms with the idea that people do in fact sell Bitcoin.
Over the weekend, over 28.9k BTC aged 65-months or more moved onchain, and this included a fairly significant volume of 10k BTC aged 2yrs+.
More and more people appear to be buying into the idea that the 4yr cycle has peaked, and this ‘mass exit by OGs’ is a clear cut signal that they should do the same.
Perhaps…but perhaps not.
Today’s post will continue our exploration of Why The Hell People Are Selling Their Bitcoin, and marry this up with the arguably bullish setup I laid out in Fire Sale.
Everyone thinks the cycle is over, and they are acting accordingly.
But what if they all end up being wrong?
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