What to Make of the Bullish Resilience of Bitcoin

[taxfreelt]

"A corrective pattern is countertrend to the larger trend in force"

Every time an obituary is written for Bitcoin, the granddaddy of cryptocurrencies manages to resurrect.

 

As a Jan. 25 CNBC headline noted:

 

Investors fear 'crypto winter' is coming as bitcoin falls 50% from record highs

 

The day before that headline published, Bitcoin had briefly dipped below $33,000, far below its November high of nearly $69,000. At that time, the entire crypto market had shed roughly $1 trillion in value since that all-time high in Bitcoin. Also around that time, Russia's central bank had proposed banning the use of cryptocurrencies.

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[samesheet]

There are lots of long-term crypto holders and current events related to exchange blow outs etc, in their view doesn't erode it's intrinsic value as core principles remain uncorrupted. That's I think is the reason why bearish trends in key crypto assets are transitory.