The original post: /r/cryptocurrency by /u/XFaild on 2024-12-06 02:21:59.
This is my third Bitcoin cycle that I’ve been closely following. Over the years, I’ve learned that while Bitcoin’s value trends upward over the long term, the journey is never a straight line, and that’s how I been feeling when it should have been a rollercoaster of emotions!
Looking at the charts yesterday as BTC hit $100k, I noticed there have been about five corrections of around 20% each as we gained the momentum, with one post-halving correction just under 35%. Comparing this to previous cycles, most pullbacks have historically been in the 20-35% range, though we’ve also seen major pullbacks of 35-50%.
Watching Bitcoin make history by crossing $100k, it seemed to struggle a bit, and just a few hours ago when researching facts for this post, BTC ironically dropped by 10%. However, it quickly found support at $96.5k.
When analyzing altcoins, the majority are up anywhere from 2x to 100x, with most not experiencing major pullbacks (apart from XRP and a few exceptions).
Another key observation: there’s currently a massive imbalance in long vs. short contracts. Despite this, I haven’t seen many liquidation articles recently, which used to be quite common with Bitcoin. For example, a long squeeze now could potentially liquidate about $200M worth of contracts.