Note the two eclipses. 2 of larger 1 and 2 of larger 3. This is not 2015. This is more like fall of 2012 from a wave structure standpoint. Do we go for 786 (4200 - 4987). Maybe not The first leg down from highs pushed beyond 618. Note the sold bid throughout 2012 above the 618 level after the first spike down. It is no wonder the new institutional bids like the current level and below.
ETF issue is a side show. It has no bearing on the current flows. Why? Because current blockchain custodial structures are faciliataing current institutional ownership. Mom and Pop demand is flowing in outside of the ETF structures. The ETF structure will only embolden short sellers. Don't perseverate on the issue. Institutional interest is in a different place now compared to 2012. Ownership at 4200-4900 will be met with substantial demand. The first leg down in the world of fib in the current context of btc market retracement may have done the trick. Since this is not a larger 2 like 2015 but more of a minor 2 in the strongest wave there is (3 of 3), the train will leave the station much sooner than many think.
ETF issue is a side show. It has no bearing on the current flows. Why? Because current blockchain custodial structures are faciliataing current institutional ownership. Mom and Pop demand is flowing in outside of the ETF structures. The ETF structure will only embolden short sellers. Don't perseverate on the issue. Institutional interest is in a different place now compared to 2012. Ownership at 4200-4900 will be met with substantial demand. The first leg down in the world of fib in the current context of btc market retracement may have done the trick. Since this is not a larger 2 like 2015 but more of a minor 2 in the strongest wave there is (3 of 3), the train will leave the station much sooner than many think.