Ivan is joined by Carl from the moon on his channel to discuss the Bitcoin price action trend.
Carl says $50,000 is psychologically a huge level for Bitcoin at which many people may expect a pull back, but right now Bitcoin seems to be breaking that level(00:50).
Carl says he would like to see more volume as Bitcoin breaks the resistance to reach a 24-48 hour target of $55,200 (05:15). Bit of banter from Ivan describing Peter Schiff’s $100K Bitcoin bullish tweet as a bearish news (07:31).
Carl says Bitcoin has been going absolutely mind blowing parabolic ever since the Corona dump[March 2020] with the only big correction being -32%[January 2021] and he does not think it will go to $100k without a big correction (09:16).
He predicts a 60% correction for Bitcoin at some point, especially when the weak hands who jumped in because the price is going up and do not understand the system(10:20). He adds that weak hands are emotional and will sell/buy based on emotion.