#Bitcoin is consolidating a massive 18 month move to print a new ATH and that's taking some time. ⏳

A lot of people joined the market during the ETF approval / new ATH / Bitcoin Halving period of narratives. Some would have bought the 70k+ highs, and worse, many would have gone into Altcoins.

Buying there, to then sit and watch the market chop and bleed month after month, has lead to time capitulation for many, and understandably it's bringing out the bears.

New participants are down, and some Alts are down bad, but if we include everyone that was already here, the Bitcoin price is still well above average entry, as illustrated in this chart courtesy of @ki_young_ju.

So even if we see a little more downside in the short term, there's a lot of wiggle room left overall, and it's the bears that will ultimately be the fuel that squeezes Bitcoin up and out of this range into price discovery.

I need to adjust my short term analysis a little, so stay tuned for that, but it doesn't change my overall sentiment, nor my medium or longer term expectations.

Bull market with some way to go yet.
#Bitcoin