What does a textbook #Bitcoin dip in a bull market look like?
I provided this thread to @_checkonchain subscribers at $57.5k, not because I wanted to pick the bottom, or thought it couldn't go lower.
Instead, I shared my own personal logic behind why I stacked sats myself. 

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The leading cryptocurrency, Bitcoin ($BTC), has fallen again after recovering to $70,000. Bitcoin is trading around $67,000, while Ethereum (ETH) is trading around $1,960, as US January inflation data...

BREAKING! US Inflation Data Released! Here’s Bitcoin’s (BTC) Initial Reaction!

Original article | Odaily Odaily(@OdailyChina)
Author | Ethan (@ethanzhang_web3)
One night some time ago, I saw an interesting debate in a crypto trader group.
It all started when someone posted a screenshot of Nvidia's stock price breaking $190, captioned: "I told you guys to allocate some US stocks, now you regret it, right?" The group chat exploded instantly. Some complained about the hassle of opening a brokerage account, others grumbled about the agonizingly slow cross-border fund transfers, and still others simply said, "My USDT is just sitting in my wallet, I want to buy..."

From Bitcoin to Nvidia: How Gate is building an "all-in-one trading account" for the Web3 era?

Firstly, price revisited and traded below the STH cost basis at $59.5k. This was a level we flagged in our first post about risks of 'Top Heavy' markets
However, if you believe, as we do, that #Bitcoin is in a bull market, that's exactly where you'd expect support to be found! 

I'm a HODLer, and I like buying #Bitcoin.
However I also like buying it at a discount, and less so at a premium.
On a statistical basis, that dip brought us much closer to the 200D moving average, and statistically speaking, $BTC was no longer expensive for a bull market. 

You also want to see a little bit of pain and fear. We know the ETF holders capitulated ~$700M, and we could see a hefty sum of $BTC fall into loss.
That said, dips are scary for a reason, they shake people out.
If we were going to bounce, it would probably look like this! 

Naturally, plenty of folks bought high and then sold low.
STH-SOPR is one of my all time favourite indicators, and it printed an absolutely beautiful undercut of 1.0.
It shows me when the top buyers specifically started to capitulate out.
I like taking the other side of that. 

For a final dollop of cream on the cake, we also saw the #Bitcoin futures market cool down in a very healthy way.
This didn't look like a margin call, so my concern about a massive, sharp, angry deleveraging was minimal.
Overall, this describes a bull market dip where I step in.

I shared a video post in the original newsletter where I show how I assign simple probabilities and frameworks to these metrics.
They are simple frameworks that any #Bitcoin HODLer can use to improve their DCA hit rate, and feel more confident about their decisions. 

The post received very positive reviews, as it was coming from Check the HODLer first, vs Check the analysts second.
Thank you to every @_checkonchain subscriber, you're the best, and you have made my year already.
It's a joy creating content for you.