Funny how everyone was predicting bitcoin to the moon when it got to 48k last week, and the fact that the long awaited Bitcoin 2022 conference was coming up, which was held for 3days in Miami as usual, this added up to the bullish sentiments, because bitcoin conferences alway come with a lot bullish announcements, which we except to influence the prices of coins in the crypto market, which the big news and announcements actually came but didn't affect the bitcoin market positively as we expected or wanted it to.
The Bitcoin 2022 conference which took place between April 6-9, 2022 in Miami, was a huge successful. But Bitcoin price has not been doing well since the conference. Bitcoin had a major correction which started that day, and continued down till the conference ended yesterday, despite so many bullish news and announcements from the conference, the market did not follow suit, we had bullish news like the city of Miami unveil their own Iron man massive Charging Bull with laser eyes features, which shows how much support the city of Miami has for crypto, partnership between Strike and Shopify, which basically made Bitcoin legal tender in the U.S. without it being legal tender.
Miami Bitcoin conference started with Bitcoin at $45K and ended with Bitcoin at $42K. But there were many bullish announcement on the Bitcoin 2022 stage as I have talked about earlier. One day the price will catch up and Bitcoin will pump, although no one knows exactly when Bitcoin will make it's huge bullish move, and if there will be any this month or in two months time. But the fact is that Bitcoin will definitely make a bullish move at some points, bull run doesn't last forever, same with bear market. At some point the market will reverse. And real holders knows that, so no need to worry about the short term price action, If you are in Bitcoin for the long run, you already know what is coming, because one thing is sure, if you hold Bitcoin you'll surely be rewarded handsomely in the near future.
On the weekly Bitcoin chart, it is clear that Bitcoin is still bullish because of the higher lows and its most likely to replicate the bullish move of August last year which finally led to the all time high of November 2021 at $69k, But it's Bitcoin, so nothing is sure, but a strong weekly close is important, because Bitcoin has been going down since. Right now Bitcoin is consolidating around $42K to $43K range. Where Bitcoin closes does matter and I hope it doesn't break the $40K and $38K support level because it'll mean back to bear market.
As it is Bitcoin is in a tough spot now because the $38K to $44K range is hard to get out of. the crypto market will be needing a much stronger and better catalyst to move the market now, because the Luna Foundation Guard Bitcoin buy of $1 billion, doesn't seem to move the market anymore, even though that the Bitcoin overall graph is bullish which clearly shows that Bitcoin will always get back up when it goes down to make new All time highs maybe, It will only take time. Many people who had wanted Bitcoin to stay down, watched Bitcoin holders become millionaires. All Bitcoin requires is for you to hold to change your life, patience is the key in this crypto industry.
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