Ah, Bitcoin, that ever-elusive cryptocurrency that seems as predictable as a cat on catnip. Just when you think it’s settled in for a cozy nap below $90,000—Ta-da! —it pulls off a dramatic late surge thanks to none other than US President Donald Trump and his grand announcement of a crypto strategic reserve. Who knew entering the world of Bitcoin was like playing a game of hot potato? 🥔
Now, let’s take a moment to ponder the enigma that is the Bitcoin price chart. It closed February at a nifty $84,299—sophisticated enough to make you feel like you’re at an upscale cocktail party. Yet, somehow, the weekly close formed something called a ‘doji candle’ (don’t ask me, sounds like a fancy Japanese dish) at $94,222. As Bitcoin gives $95,000 a nostalgic glance, one analyst is waving a caution flag about a potential déjà vu scenario reminiscent of the fabled 2019 ‘Xi pump.’
Will Trump-pump follow the Xi-pump path?
Picture it: 2019, a bleak and frowning market landscape that stretched from June to October like a poorly planned vacation. Bitcoin was doing its best impression of a deflated balloon. Then, on October 25, 2019, China’s President Xi Jinping made a flashy announcement in support of blockchain technology, sparking a price surge. It was akin to finding an extra slice of pizza at a party—unexpected and entirely uplifting!
But, of course, nothing lasts forever. Just days later, China played the party pooper and cracked down on crypto activities, leaving the price to tumble to new lows quicker than you can say ‘oh no, not again’.
Enter stage left: Cold Blooded Shiller, an anonymous analyst—because why not make things more mysterious—who saw the current Trump antics as akin to the historical ‘Xi-pump’. He suggests that such sentiment-driven rallies are basically like cotton candy at a carnival: sweet but likely to evaporate into nothingness when the reality of the market sets in. 🍭
To make things even juicier, the analyst shared a chart illustrating the eerie similarities between these two saga chapters. Both have seen Bitcoin retesting prior support ranges that resemble a nostalgic trip down memory lane—once below $10,000 in 2019 and currently flirting with the concept of below $95,000. Spoiler alert: new lows in 30 days are a recurring theme here!
Magus, a crypto trader with an equally mystical name, has commented that the bulls need to shape up—sort of like that one friend who never knows when to stop drinking and needs a good talking-to. These bulls must reclaim both the value area high (VAH) at $103,000 and the value area low (VAL) at $91,000.
For those pondering what on Earth the VAH and VAL mean—these define the trading volume sweet spots for the selected timeframe. It’s like finding the most popular seat at the coffee shop—everyone just wants to be there! 🪑 However, Magus is also dousing the fire of excitement with a hefty dose of caution, saying,
“This is a textbook swing setup for me normally but if you’ve been around long enough you remember the Xi pump. My gut tells me this move was exaggerated because of sentiment.”
Bitcoin remains in distribution, not accumulation
Meanwhile, the data from Glassnode is about as reassuring as a vacation brochure for a place plagued by mosquitoes. Despite Bitcoin’s revelry, short-term holders (STH) are now sitting with their cost basis below 1, a grim sign that profitability is hanging by a thread at breakeven.
Furthermore, Glassnode noted that the Bitcoin accumulation trend score has been under 0.5 for 58 days straight—it seems to be playing the waiting game like a cat eyeing a laser pointer. 🐱
The definition of a distribution period—where investors apparently take profits like it’s going out of fashion—aligns frustratingly well with market corrections. And if that’s not enough, they added,
“Accumulation and distribution phases have alternated within a 57-65 day window on average. With the latest read at 0.9, the Trend Score indicates large entities are still in a net distribution regime, with no confirmed transition to accumulation yet.”
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2025-03-04 00:59