So much has happened in just a short amount of time. With the global shake up, it's not always easy to keep up with events outside the material world.
In case you haven't been keeping up with Crypto news, a lot has been going on in that world too.
I hesitate to write about BTC with too much hope and you better believe this isn't meant as any kind of trading advice.
After all, crypto has had its share of tragedies since that first block was mined. All the mishaps on exchanges, hacks, and even current events so close to home serve as good reminder that the tables can turn quickly.
Moving ahead with prudence, past events shouldn't prevent us from seeing the bigger picture as it currently stands.
So let's go over the facts of the past few months and how they might have a positive affect on the value of Bitcoin.
#1 Bitcoin Showed Resiliency Through The Pandemic
This is a good place to start. Let's keep in mind that by now, the whole world knows about Bitcoin whether they hodl any or not. The events of 2017 made certain of that.
After the world shut down, stock markets plunged and BTC went right with them. But it was Bitcoin that showed the V movement some economists were hoping to see in the stock market.
After falling to under $5,000, BTC jumped right back up to the 9,900 mark. It hasn't completely returned to the $10,400 value it was pushing, but we can't deny the huge V seen in the screenshots from Coinbase below.
#2 A Move Away From Cash Fiat
This may not be something that is having an affect on the value of BTC right now, but it may come in to play as time marches on. Or perhaps it is having an affect. To my knowledge, there hasn't been much in crypto news covering the subject.
Whether we agree with it or not, people are now scared of things that pass germs and cash is high on the list. I'm willing to bet that fact alone has turned more than one person's thoughts back to the value of cryptocurrency.
#3 The Halving
Following the timeline of events, the halving is next up on the list. Plenty of folk in the cryptosphere disagree whether the halving will help increase the value of BTC or not.
As the argument persists, only time may tell if the reduced block value is an influence. Which brings us to the next point. How are miners doing now that the BTC block reward has been halved?
#4 @Criptoar Explains It Well!! Miners Are Falling Short In The Short Run
If you didn't see this article, it's an excellent read. Criptoar explains the relationship between miners' block rewards and the pressure on them to sell BTC.
What does it mean that miners aren't mining enough blocks to cover expenses? I'll leave it to you to jump over and read his work. It's very interesting indeed.
#5 Investors Have Changed
To be sure, there are still plenty of investors opening long positions in the futures market. Many of those positions, however, busted on a black swan event when BTC fell low so fast.
As it stands, reports suggest a much larger amount of retail and institutional investors entering the market. That bodes well for an increase in the value of BTC.
The article below is a week old:
#6 The 7th Golden Cross
I'm no expert on reading charts but it's not tough to correlate rare events and BTC bull trends. What's a Golden Cross? In the history of BTC the 7th one just occurred. It happens when two long term moving averages cross each other.
Read more about the Golden Cross event below:
https://cointelegraph.com/news/bitcoin-price-drop-mirrors-last-golden-cross-which-led-to-170-gains
#7 Hodl Is Happening In Full Force
What does that mean? It means hodlers of large and medium quantities of Bitcoin are moving their assets off of exchanges and into hard wallets. They're not planning on selling any time too soon.
Another article by Cointelegraph explains a metric that has to do with what @criptoar is explaining about miners. It's called the Puell Multiple and it also is showing a number that tends to occur before a BTC bull run.
https://cointelegraph.com/news/the-last-time-this-happened-bitcoin-surged-from-3-150-to-14-000/amp
What Are Your Thoughts? Please Add Any Personal Observations Or Other Factors I May Have Missed In The Comments Below
Thanks for reading and as always....
Happy Hiveing
Bottom Image Courtesy Of Hive.io Brand Assets
Are you an economist, @inalittlewhile? I like the way you correlate events and BTC trends. This is a great and easy read and enjoyed the article. I also learned something, so thank you! I don't know if you know, but I am a precious metals stacker. So I exchange my fiat with silver and gold. I've been doing this for years now... no, I am not investing in silver and gold, stack as a means to save and to store value and wealth.
Have a great evening, and take care, my friend 🥰🌺🤙
I am not an economist but would love to take more Econ classes. I do a lot of reading and I notice the sequence of events that are happening in the world. :):)
Very nice read and sum-up @inalittlewhile !
I believe we are going to go pass the 10k resistance in the next few days. Maybe I am too hopeful 😄. ETH 2.0 will help the entire ecosystem.
I am also glad some curators out of the HODL community noticed your post once we reblogged it !
Congrats to you !
Thanks for that Vlemon. It's tough always catching every post that comes throughout the day. I've been posting a bit later in the day because I have work. I'll have to get ahead by a post then start scheduling them earlier.
It also helps when people like Gooddream have some Mana to share and drop by my post. I can't tell people enough, leave authentic comments on people's posts. Don't be afraid of their reputation score.
Making friends is how this place works and how you'll best grow your account. Hodl invites me to their Discord channel and I'll join, but I'm trying to keep Discord to a minimum and writing to a maximum. Not fall into the same patterns as I did last time I was writing on Steemit. 😁
Bitcoin is no longer news to the world. Interest on the world's first cryptocurency have continue to grow. The issue however is some not knowing how to get started or scared.
Speaking under correction I believe most of us crypto enthusiasts want to Hodl and accumulate more. Maybe that is the stage we are currently. I hope the time will come when we can spend cryptocurency almost daily but until then I just want to accumulate and HODL
Thanks for offering your thoughts on the matter Joe. Very good points you make. 👍
You are welcome
well i certainly hope a bull run is coming but the recovery from dropping to around 2500 a bit back was impressive.
It certainly was. Add it to a list of events I never thought I'd see. Trump being elected, the virus, a nearly entire world locked down, and BTC hitting 20,000. It seems far fetched to think that BTC will surpass that 20,000, but look at all the other things I never thought would happen.
Great Read ! Fully upvoted and shared.
You should join us on Discord, so we could chat more.
Thanks team Hodl! Drop a link to Discord if you will, or I'm sure I can find it.
Posh: Tweet