Another week has passed, and guess what, bitcoin didn't die!
Many people out there started panicking when bitcoin broke below $10k.
There were comments of bitcoin filling the CME gap (including some from me) as well as comments that bitcoin would eventually fall all the way back to the $7k range.
There were even some crazy people out there saying this was the last hurrah for bitcoin and it was going sub $3k in the coming months.
Hopefully you didn't believe any one of those, well except for my possible CME gap fill. :)
However, if we look at the chart now, it looks very much like the rumors of bitcoin's demise were greatly exaggerated:
(Source: ~~~ embed:1307298892015448065/photo/1) twitter metadata:SHVzaGhoYnJ1aHx8aHR0cHM6Ly90d2l0dGVyLmNvbS9IdXNoaGhicnVoL3N0YXR1cy8xMzA3Mjk4ODkyMDE1NDQ4MDY1L3Bob3RvLzEpfA== ~~~
We had a very clean break of the downtrend created from the $20k peak back in late 2017, and then a subsequent retest of that trend line.
The price held up on that retest and has bounced significantly, likely indicating that the retest has held and the move from here is higher.
Stock market looking like it might be ready to roll over...
Part of the reason some were fearful about where bitcoin might go had to do with the stock market.
Bitcoin and stocks have been incredible correlated over the last 6 months and the stock market is showing signs that it might be trying to roll over...
Check it out:
(Source: https://stockcharts.com/h-sc/ui)
However, I think the current correction in the stock market looks very much like what we saw back in June of this year.
Back in June there was about a 3 week stretch where we pulled back about 25 points on the SPY which was about an 8% correction.
Currently we have pulled back about 30 points on SPY which is also around 8% in roughly a 3 week stretch as well.
Which means I think the current correction is likely close to being over, which will be good news for bitcoin.
We haven't even talked about the elephant in the room...
Much of where both of these assets go in the near term may depend on what happens in Congress.
As it stands right now, many of the economic benefits seen from the roughly $6 trillion injected into the economy are starting to wear off.
Without a fresh round of stimulus, the economy and risky assets are likely in trouble.
However, I think both sides know this and will eventually come to an agreement on some sort of stimulus, probably sooner rather than later.
After all, the president knows his re-election hopes may depend on whether he can get another check out to the American people again or not...
I suspect it won't take stocks dipping much further before Congress gets off their butt and decides to get something done and that will be exactly what bitcoin needs to ignite the next phase of this bull market rally.
Stay informed my friends.
-Doc
Posted Using LeoFinance
I think cryptos will rise as the stock markets totally crash, and economies around the world go into severe recession - give it 3-6 months. That is the main point of the plandemic.
Trump is certain of re-election simply by virtue of having been set up with controlled opposition specifically chosen to make him look good. This is all a script and recession is the next stage, so the stock markets are screwed.
How would stock markets be screwed with massive money printing going on globally? Stocks are already detached from reality and with more and more money being printed, that detachment will only get worse.
The money printing is designed to create hyper-inflation, as part of the plan to create a mass recession. Making the stocks drop to near worthless allows the central bankers to buy them all up for peanuts. That part of history repeats. The new part is cryptocurrencies. As shares, and fiat currency become increasingly worthless, bullion, commodities, and cryptos are the most viable places to store wealth. (Property values will drop too)
If you disagree, I'd be interested to hear of one share category you pick as being worth more in a year than it is now
Sure, property will likely be worth more a year from now and will continue to be worth more. There is a finite amount of land (property) in the world with an expanding population. The land will continue to be more valuable whether it's priced in dollars, crypto, or sea shells. Also, I feel the same way about stocks. Stocks are priced in dollars, the more dollars in circulation the higher the price.
This is what makes investing so interesting.
We are both crypto investors, and I think we will both do well on that front over the next 12 months.
But on this point (property) I couldn't disagree more.
I think your underlying assumptions are missing the big plan (Agenda 2030) - predicting an ever expanding population is like saying Bitcoin will keep going up because it has been going up for the past decade - nothing lasts forever, not even the expanding universe.
Life expectancies are now slowly declining, and fertility rates are rapidly and massively declining. (vaccinations are doing their job) Combine that with a coming global depression and the NWO objective of depopulation will be underway.
I'm not saying their plan will succeed, but it is the plan, and it will certainly happen in the short term - it is happening as we speak.
And "the more dollars in circulation the higher the price"
Did you really just say that or is it a typo? - No, No, and No!
(Hint: replace "higher" with "lower" - or do you just mean the higher the price of the commodity in $ terms even if those $ are worthless?)
Yea I don't believe in the Agenda 2030. Though, it's possible in the same vein that anything's possible. That's probably why we are seeing things differently.
You don't believe in the existence of Agenda 2030 or you don't believe the people that wrote it are capable of carrying it out?
It's not exactly secret - you can read it on their website:
https://sustainabledevelopment.un.org/content/documents/21252030%20Agenda%20for%20Sustainable%20Development%20web.pdf
Are you writing a Monty Python script?
"I don't believe in the Agenda 2030"
"The more dollars in circulation the higher the price"