Hey, I just watched this video from Ivan on Tech, and I've got to tell you what he's thinking about the Bitcoin market right now.
He starts by talking about how Bitcoin is sitting at around $109,000, and a lot of people are freaking out because of a recent dump. But what he finds really encouraging is that the Fear and Greed Index is way down at 32. He makes a great point that this is actually a good sign. When everyone is scared and selling, it's the weak hands getting out, and it allows people with conviction—the "strong hands"—to buy in. He says this "resets the sentiment" and prevents the kind of complacency that usually signals the end of a bull run. To really get things going again, though, he believes we need to break past the $118,000 mark.
He also plays this incredible clip from Michael Saylor, who says that volatility is a "gift to the faithful." I love that line. The host explains that people like us, who have a long-term view, benefit from the market's ups and downs because it gives us a chance to accumulate. He contrasts this with institutional investors, who are often forced to sell during dips to manage their portfolio and keep their bonuses. This really hit home for me—it's a reminder that we have an advantage just by being patient and having conviction.
Looking ahead, he's got a couple of price targets in mind for the end of the year. One is a technical target around $150,000, but he thinks a "blowoff top" is extremely plausible, which would send us soaring to around $200,000. He backs this up by showing how past rallies have had similar-sized pumps in just a couple of months. On a macro level, he's convinced that a significant interest rate cut, which he expects to happen soon, will inject a massive amount of momentum into the market. He even joked that Jerome Powell has been "preserving the chi" by not cutting rates too fast, saving the big pump for later.
Source: https://pixabay.com/illustrations/ai-generated-crypto-trader-8491316/