The orange man has spoken: "if you're in favor of crypto you better vote for Trump".
What did I tell you (the few who still read my shitty little blog) a few good months ago? Didn't I tell you that crypto is going to do well in an election year and that plenty of candidates will use crypto as a marketing campaign to add votes to their names?
I did, actually...
And now we have two out of the total of three candidates for the chair of the US presidency who are pro crypto. I'm talking about Robert F. Kennedy Jr. and Donald Trump. Robert Kennedy was vocal about crypto long before Trump. He's more oriented towards the people's good than Trump is.
He proved it during the Covid pandemic. However, in Trump's case, he simply addressed a question from the public regarding crypto. He was not that positive about it a few years ago, and to me, he still seems to be a believer in the dollar.
However, he has to win over every candidate against Biden by every possible means, and being pro-crypto will prove to be a good decision as we get closer to the elections. Bitcoin did basically nothing despite Trump's positive stance towards crypto.
It is still undergoing the correction that started around two months ago, and that correction might come to an end soon, like any other correction. While some are bearish about the recent price action and fearful at the same time, I am extremely bullish.
Usually, during election years, equities and crypto pump hard, and in my opinion, this year won't be an exception. Crypto will once again pump hard as we get close to the end of the year, and the market will probably blow off by the end of the year or the beginning of the next one. Just my two cents.
The fact that we already had a new ATH for BTC before the halving actually happened is extremely bullish. Bitcoin has been in an almost continuous rally with slight 20% corrections since November 2022. Altcoins have a lot of ground to recover, and they will for sure do that once BTC claims its recent ATH as support and resumes its rally towards new ATHs.
As I see from the sentiment on Twitter, some believe that somehow 2024 will be the miracle year when crypto is finally accepted as an alternative to cash, and to me, that is pure nonsense. It's not that I do not want it to happen, but I just doubt it will.
Hence, my approach is to gradually take profits as the market climbs higher and higher. The fact that we have Bitcoin spot ETFs approved in the US and Hong Kong and that Trump announced "he's fine with crypto" does not mean things will change overnight.
This is a process that will take time. However, overall, I am extremely bullish on crypto, and even if BTC corrects to as low as $50,000, I still believe the trend is up for the next six months or so. After every significant rally, the market needs a correction, and we are currently in one.
It might come to an end soon, or it might last longer, we don't know, but the bull market is not over yet, that's for sure. A few months from now, the current dollar valuations of most altcoins will look like bargains, and that's when one should consider getting out of the market, but unfortunately, this is when the masses will turn extremely bullish towards it.
As in everything in life, we can't all be winners. I've had my fair share of losses, I bet you guys have yours as well, and hopefully, we will do great this cycle. Exciting times ahead, hold on!
Thanks for your attention,
Adrian
I am new to the world of crypto, and I am really learning a lot from reading all of you guys' blogs.
I also doubt crypto will be accepted anytime soon due to its volatility. Because humans generally hate change or instability. Maybe as crypto grows more stable. It might be considered.
It’s the elites who are against freedom to transact through any currency not the individuals.
Hmmmm... makes sense
That's a viable explanation