|Bitcoin may not be “mooning,” but the correction is DEFINITELY OVER!|
Don’t believe us? Here are just a few metrics to consider…
1) First off, this chart from Glassnode shows us the futures funding rate. See that red column? That is a negative funding rate, which means that short sellers are no longer making profit holding their positions. When the market sees the futures funding rate drop that low, it is a tell-tale sign for a trend reversal.
2) Here is another chart from Glassnode that shows the net unrealized profit and loss in a colored line. This metric is easy to understand because it tells us that we are having a pull back in “bullishness,” but this type of phenomenon happened several times in the 2017 bull market. This tells us that we are still on track to reaching new all time highs!
3) Lastly, the Bitcoin chart looks very bullish, setting itself up to confirm the bottom before moving higher.
Bitcoin is recovering from the correction- but not as fast as Ethereum and other ALT coins! This bull market is NOT OVER YET. Do NOT pay attention to the FUD (fear, uncertainty, or doubt). We are nowhere close to being done with this bull market. Stay strong, make those gains, protect your profits and your portfolio, and enjoy the volatility!