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Weak hands got played, strong hands win!

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@mistakili
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2 min read

And that's how a recovery is made. After Bitcoins recent dip of about 26% to around 30k over the couple of days, approximately 2days, I'm glad to see that Bitcoin has fully corrected and is back in a upward momentum sitting pretty at 40k.

It seems to me that history is quite repeating itself, according to word on the street, there were several dips during the last bull run. The last bull run had even more bloody dips and recovered quite as much after every dip. This recent dip is the first of many to come as we ride this bull to the moon, now I have more reasons to believe in a $100k bitcoin.

In the previous post I titled The Bull takes a breather, scared much?, I highlighted the things I will like to look out for. They are as follows...

  • The public sentiment to this dip - Most crypto heads on twitter are still currently screaming buy the dip, yeah I should too, but I'm out of FIAT, been out of FIAT even before the start of the bull run and I haven't taken any profits, so.
  • The depth of this dip - This is the first major dip In this 2020/2021 bull run, its recorded with a magnitude between 20-30% decline in prices. Will it go further down? How long will recovery take if there is one? These are things I'm paying close attention to.
  • Lastly, according to history, there were a couple of similar dips that happened consecutively on the way to 20k. I'm watching to see if history repeats itself, if it does or doesn't, I'll be taking note for the future.

So the public sentiment was sharp, though the media dished out some FUD but somehow it bounced right off, it was just too glaring that Bitcoin was not done. However, some people freaked out and sold the dip rather than buy it, weak hands you may call them.

The depth of the dip was still in the 20-30% range, history got that right, recovery took 2days, lets watch to see how the rest of the days will play out. Will we be ranging from here or hit new ATH's?

Since this is my first bull run experience, I've decided that I will be using this as a lesson to ground myself on the behavior of Bitcoin just as I did the bear period. How many more dips do we have to go before the bull runs out of steam? How long will each recovery take before diping or setting new ATH's, these are my current thoughts.

Ultimately it is interesting to watch all these play out, weak hands got played as they sold out to market players. Strong hands win.

Thanks for reading....may the bulls stay with us.

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