The BTC/USD continues to go sideways as the market seems content to hang around the $21,500 level. There’s no real volume, nor is there any interest in owning Bitcoin now. It’s times like this where accumulation starts to happen and therefore big profits can be made, assuming that you can wait to get paid.

This is not to say that we are at the bottom, but I do know that a lot of longer-term addresses are starting to accumulate again, suggesting that we might be near an accumulation phase. If we break down below the recent lows from a couple of months ago, then it’s likely that we drop down to the $12,000 level. That’s very possible given the financial situation around the world. After all, Bitcoin has not decoupled from the S&P 500, and more specifically the NASDAQ. The NASDAQ is all over the place due to concerns about the Federal Reserve tightening monetary policy, and therefore so is Bitcoin.