Bitcoin has been chopping down its price for about ten days now, after it reached its latest ATH of $41,490. $50,000 was highly anticipated in this massive run up that commenced on December 16 off of its highest ATH at around $20,000. It hit a wall there($41,000) and it now looks like out of steam.
I'd say it looks more like institutions are pulling the train back a few stations to load more of their bags in. If you don't feel like buying this crap you should know that "the number of addresses holding 1,000 BTC just reached a new all time high of 2,446". I call this wealth transfer.
If you're someone that likes to follow numbers then you should know by now that Grayscale is eating up more BTC than the miners can mine. 141 new whale address with over 1k BTC were created in less than 21 days. These whales have bought at an average of over $30,000 per coin. Do you think that these are in for a loss, or to just test the waters? I doubt they'll do that.
"In the past 30 days, around 270,000 BTC moved to entities considered as HODLers" draining the liquidity on exchanges and pointing towards the fact that such BTC hungry entities are not stacking sats solely through OTC markets. Who reads this kind of data though? Instead, most of us prefer to lean their ears towards crypto outlets spreading FUD via all sort of spokespersons from Goldman Sachs and whatever.
Fuck that! If you're setting stop limits based on crypto news titles you should congratulate yourself for selling cheap BTC to fatty whales. But sir, isn't $30,000 a good price to sell if I bought at $5,000 back in March 2020? You bet it is... but isn't $100,000 or more even better? I know some are probably dreaming of swing trading and increasing their BTC positions, but I'd say it's too risky.
One might end up with more BTC for the next run up, but vice versa might happen as well. One question that most of the ones trading this market and getting scared for BTC dumping further down is: why the hell are whales outnumbering themselves with every month at higher price points if we're about to enter a bear market? I guess they know something, they're anticipating aggressive moves upwards that will make them billions, ignoring the natural bull market pullback noise.
BTC rallies in quite a mad way scoring at least 1000% price appreciation after every halving and this one will for sure be no different. If BTC should peak at just 1000% from its past halving that means an around $100,000 BTC so what's the point of selling at $30,000... To catch back more down the way sir... Good luck mate!
I wouldn't do that. Grayscale, Microstrategy, PayPal and many other whales that are swimming the crypto ocean aren't probably acting as such either. Much of the BTC bought from the open market these days might never reach public hands again.
Same as with gold, hundreds of years ago. It's the same old pattern repeating during history. Suckers dig it, sell it for papers, make the rich richer and never get their initial bags back most often falling in debt rather than life changing opportunities. No wonder 3% of the population owns 97% of what's to be owned. Some retail might get lucky tough as "Sequoia Holdings Is Letting its Employees Get Paid in Bitcoin" and increase their positions while many are selling right now.
"We're excited to offer the members of our team this new benefit. Many of our employees are enthusiastic supporters of cryptocurrency, and we're happy to help them gain exposure to this trillion-dollar asset class."
Richard Stroupe, CEO of Sequoia Holdings source
Bitcoin is floating at around $32,000 and it might dip further, making it possible for current sellers to buy back more on the way down, but what if it doesn't... Who knows exactly what BTC's going to do and who's that smart enough, or should I say lucky eough, to time the market that well. Trading BTC right now imo is like trying to trade it back in January 2017. You could have bought one BTC for a $100 discount, but you could have missed that as well.
One favorite quote of mine is: there's no oversold in a bear market as there's no overbought during a bull one. What happened after BTC breached into over $20,000 uncharted territory is warm up time in my opinion and wouldn't call it a game during warm ups. There's quite some FUD right now floating around crypto media outlets and it would be a pity to fall for it. Check the numbers, see who's buying and who's selling and decide on which side of the game are you positioned.
Images courtesy of unsplash.
Thanks for attention,
Adrian
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keep your btcs except if there is a great need! These funds, banks want everything for themselves
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They know how to play the game right.
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