I believe Bitcoin is going through another capitulation just like what it did in September.
Bitcoin parabolic market structure is still in tact and I believe 55k is the bottom. The consistent pattern that I see with Bitcoin is its 50–60% retracement of the gains. Bitcoin went from 10k to 65k then retraced about 60% of its gains by going to 30k. From 30k it went to 53k and it retraced 50% of its gains by dropping to 40k. Now from 40k we went to 69k, and again with had about 50% retracement of its gains to 55k. If you connect these points (10k 2020 September, 30k late July 2021, 40k late September 2021, 55k November 2021), you will be able to see the macro parabolic structure that Bitcoin is holding.
Bitcoin will probably fall back to 55k again, just like it tested 30k bottom and 40k bottom multiple times. From there we will probably have another short squeeze based Bitcoin capitulation like the short squeeze that we had at 30k and 40k. So from 55k, it will probably run up all the way to 80k range.
In terms of portfolio, I sold GALA (Sold some of them too early, which was my mistake) as I think GALA will take another month or two before it moves up again. I’ve added dydx and also added more of ANKR. DYDX will basically replicate what GALA just did few days ago. I think 12 usd is the bottom for dydx, and there is a possibility that it will revisit 12 usd, but I think from there it will probably make another new ATH probably in the 40 usd range.
KCS also seems like a decent investment. I believe a lot of people are now using Kucoin as it appears that many good crypto projects first get listed on Kucoin then Biance and lastly Coinbase.
I am stilly extremely bullish on ELON. I think it will have quite a decent parabolic move, though it is taking a bit longer than what I had in mind.
Bitcoin dominance is going down, and I think during this bull market, we will see a historic low Bitcoin dominance in the 20% ranges. ETH flippening actually seems quite possible for this bull market now.
