Wondering why the Bitcoin price corrected so sharply after the new ATH in USD on March 5, 2023?
Are you also wondering why the Bitcoin price then rebounded so strongly to give us a Dalai Lama pattern?
The answer is already here.
As far as the Bitcoin price correction is concerned, we understand that it was fuelled by a Bitcoin OG who sold for 1,000 BTC that he had been able to acquire during 2010 by participating in the early months of the Bitcoin network.
Massive liquidations of long positions did the rest.
As for the strong rebound, it's always the same explanation: the voracious appetite of Wall Street giants for Bitcoin.
March 5, 2023, saw BlackRock achieve its biggest-ever accumulation of BTC in a single day.
An additional 12,623 BTC brought BlackRock's total BTC holdings to 183,345 BTC.
BlackRock will overtake MicroStrategy and its 193K BTC very soon.
With so much demand for Bitcoin, and with the fourth Bitcoin Halving fast approaching, we can imagine that there won't be many more dips of this kind.
In any case, BlackRock has clearly understood one of the essential rules with Bitcoin: Buy The F*cking Dip!
