The uptrend for Bitcoin is still in effect. In fact, if by September 30th it closes the month above $11,000 or $11,200 that will give Bitcoin major momentum for the 4th quarter. September is historically a difficult month for Bitcoin yet we are still in higher lows, and higher highs as the above chart shows. It appears likely that the election, and unknowns around the stimulus package which has stalled in the Senate, Congress are the drivers for Bitcoin, Gold, and Stock weakness. When will Bitcoin decouple from Stocks? Nobody really knows but that is inevitable in order for Bitcoin to hold to the 11 year running trend which is the Stock to Flow model. Bitcoin will remain scarce, USD will remain loose with printing and continuous QE ongoing.
This pull back when compared to the 3 year old trendline in the above chart, is just a retest of the trendline. In a breakout during a confirmed bull market, Bitcoin will be in a better position after this retest.Perhaps it will trade sideways until the Election. That does NOT mean Bitcoin is a losing trade. The fundamentals have not changed now, and they will not change at any time in the foreseeable future. Digital Scarcity, Fungibility, Security, Non Correlation(Central Banks), and being Permissionless are the main fundamentals. Neutral ATM can help everyone get off zero Bitcoin.
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