Lark discusses the recent cryptocurrency market downturn, with Bitcoin falling back to the 20-100 day moving average range. He notes there's no clear reason for the 5-6% daily drop, speculating it could be a market selloff or deleveraging event.
Despite the dip, Lark remains optimistic long-term. He advises viewers to avoid being shaken out and survive this period, suggesting a significant upturn might occur around October, six months after the Bitcoin halving.
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Lark's community poll shows most expect Bitcoin to reach 150k-200k this cycle.
Some positive signs he mentioned include 45,000 Bitcoin withdrawn from exchanges on August 27th, which Lark sees as bullish.
He also mentions Hong Kong Bitcoin ETFs surpassing 2 billion in assets under management.
However, Lark acknowledges challenges like recession fears. He emphasizes managing risk and avoiding over-leveraging.
Lark concludes that once Bitcoin breaks past $72,000, it could trigger a significant rally. He believes the best days for crypto are still ahead, despite the current $62,000 support level being tested.
