The "Xi Candle"
Back in 2019, $BTC hit a fresh low, and market sentiment was decidedly bearish. Then, Xi Jinping made a pivotal announcement about China embracing blockchain technology, sparking a sharp 40% rally in #BTC over just two days. This fueled a wave of optimism, with many believing the market had found its footing and was poised for a rebound.
However, that optimism proved fleeting. A few weeks later, China reversed its stance, The market didn’t immediately correct, but it took weeks for BTC to ultimately retrace and break below the highs set during the Xi rally.
The "Xi Candle" created a false narrative of a trend reversal, leading many to chase the rally, only to see prices retrace sharply as the initial momentum fizzled out.
Could what happened this weekend be similar? Maybe. Time will tell.
Big Update:
@pnutsolana $PNUT launched $PNUTAI and deleted the tweet!
@elonmusk Is PNUT that ran presidential campaign is a hack too?
CT push $PNUTAI quant genz style!
@DoodleScr@fxnction@pnutsolana Exactly, it was planned. They posted about a meme about pnut AI and then CA
Cult and CT should push this and make a trend. Get @elonmusk and @realDonaldTrump involved in this as Pnut was something that drove presidential campaign. $PNUTAI to the moon. Peace