What if Kimchi premium follows the previous pattern?
Yesterday, I published a post about the Kimchi premium, using its weekly candlestick chart. Then, I wondered what if the premium follows the previous pattern?
So, I changed setting from weekly candlesticks to monthly candlesticks. As you know, the 2nd altseason had lasted from January 2021 to November 2021.
Before the premium rose, it collapsed and was negative. Then, the premium recorded ATH(All Time High) in May 2021. You know, the 1st top was in April 2021.
So, I assume the reason why the high premium had lasted until May 2021 is Korean traders weren't able to let go altcoins.
So, what if this similar pattern repeats itself? This above chart is an assumption chart.
If it repeats itself, the premium would likely record ATH next March. But, I don't think this means this cycle's 1st top is next March. Considering Korean traders' market sentiment, this cycle's 1st top would likely be next February.
But recently, the altcoin market has been consolidating for the last 2 weeks. As I previously analyzed the past patterns, it might last 4~8 weeks.
Anyways, short-term Korean altcoin traders are still suspicious of it. I understand and sympathize with their market sentiment. But, I believe the data rather than their market sentiment. That's the difference between me and ordinary people.