Just created my first blog post that you can find here ([www.etheraims.org](https://www.etheraims.org)).
TLDR at bottom
As markets continue their second month of dramatic sell offs, many newcomers are getting shaked out of the market by big whales wanting to add to their holdings at the $30k support level. I want to provide some analyses which prove we may be nearing a bottom, barring any sell pressure from US Stock Markets. Also, believers in blockchain technology need to remember that total conviction is necessary to be able to hold through multiple 70% drops. The guy who bought $1,000 at the top of 2013 would be enjoying 3000% gains currently, despite at least half a dozen falls of 50%. Remember these are volatile markets that have not quite matured yet. As governments provide regulatory insights for citizens and governments, volatility may remain high but subdue as more certainty hits the cryptocurrency markets.
Despite an ugly chart, many on-chain indicators are pointing at further upside, as shown by William Clemente. For one, whale wallets have been getting busy, aggressively buying as we enter the 30-32k levels. As well, about 10% of all coins in existence have been traded between 31-35k, proving this should prove to be good long term support.
Log chart shows that the 1.618 fibonacci level sits somewhere between 28-32k. This fib level has acted as mic-cycle support for the previous bull runs in 2013 and 2017. Both runs continued upside shortly after reaching these levels. A sustained dip below 28k may invalidate this trend, however.
Global bitcoin adoption continues to grow exponentially, with new wallet addresses surging following the dip from $65k to 28k. Previous bull runs had resulted in significant drop offs in new users on the network after the big crash. Remember, BTC’s price is largely a network effect; the more addresses on the network, the higher the price rises with respect to time. Others that experienced network effects include Apple, Amazon, Ethereum, and Facebook. More users equals higher prices. I also expect AAVE to experience network effects as institutional money enters, but I could discuss more about this in a later post. Supply held by entities containing .1-1 BTC reaches new levels every day, proving an accumulation phase is occurring. Previous accumulation phases by wallets of this size occurred just before the 2017 bull run, and the 2021 bull run. *There is a chance we are just getting started* with the 2021 bull run. This is not financial advice, rather a bit of hopium for holders to remember.
TLDR: wen moon? soon.
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