Wizard of Soho Bitcoin Analysis
The market just hit $82K but Wizard of Soho insists that's a technical glitch, not a real organic shift. He argues the price should have settled between $71K and $73K instead. The spike happened because a massive volume of short positions triggered a cascaded effect where there were so many shorts involved. While he remains bullish on Bitcoin overall, he rejects this specific extent of the rally. A broad pullback across the board is coming next. Interest rate markets are still described as dangerous right now since we're seeing rates move up aggressively. Until those rates consistently come down, there's no reason to go crazy with aggressive market activity. Check out Weekly Wizdom on X WeeklyWizdom or visit weeklywizdom.com for more analysis.
คำบรรยาย (en)
So this is why I think why we had this outsized return on Bitcoin recently. There were a lot of shorts, a lot of shorts in the market. And having shorts, that outsized shorts through the roof, what it does is that, you know, there's so many shorts, right? So you just see this cascade effect. So this effect over here, I think maybe the market should have come to 71, 72, maybe 73K. I think the fact that we moved to 82K because there were so many shorts in the market, I think it was a technical move. I don't think it was a real organic move. Obviously, I'm bullish, but not bullish to this extent. And now you're going to see the market pull back across the board. Maybe we see, you know, some alts move, but I don't see us just going to new all-time highs anytime soon. Nothing in the market says that. I mean, we have so many shorts. We cascaded up like a reverse 10-10. Rate markets are still dangerous out there. We're seeing rates move up aggressively here, especially. Look at this. I mean, this is not great. Until we see this consistently come down, I don't see a reason to just kind of go crazy here.
