The massive correction happened.
Why? Because of the PPI data rose to 3.3% — higher than expected. Typically, this news would not trigger such a massive sell-off.
However, people had grown accustomed to the bullish market and opened a ton of LONG positions with high leverage. As the result, a massive cascade of liquidations occured and drove the dump crazy.
TALKING ABOUT FURTHER POSSIBILITIES: We are still in the bullish market, but the next few days will determine the future of this cycle (at least for the next 1-2 months). Bitcoin is now back inside the $116,500 – $119,500 consolidation range.
If we see some strong positive movements on Altcoins & Bitcoin this week, it will show that the real demand (whales & funds) are interested in pushing the price higher. However, if Altcoins & Bitcoin are weak, then most likely the TOP of this cycle was marked at $124,000.
