You know how it looks when you’re trying to resuscitate someone who’s gone unconscious by doing a CPR? That’s how the cryptosphere has been feeling so far in this month. The price of Bitcoin finally sailed off the shores of $30k and found some support at $39k. Some people attribute this move to El Salvador’s Bitcoin adoption while others say it’s because Tesla will resume accepting Bitcoin.
Personally I think it’s either both or neither of those two reasons. Certainly the El Salvador’s adoption must have brought some new eyes into the sphere, and perhaps some new money followed suit, at least we know for sure that other countries have begun looking into doing the same, so we give them that. Also for those who are on Elon’s leash, it is expected that they also did some buy backs.
But are those enough reasons to move the price of Bitcoin from $30k and find support at $39k? Going by this analogy only means that for Bitcoin to move another 10k, perhaps it will take another country to make an announcement of passing a bill to make Bitcoin a legal tender, El Salvador style, plus Tesla tweeting something positive about Bitcoin to get it to $50k or what do you think?
Let’s not forget that Microstrategy also stated a plan to invest $1billion in Bitcoin. Personally, I feel that we really can’t speculate based on these occurrences, if we look back in time, non of these things made Bitcoin pump from $40k to 60k, it just did. This is why I think Bitcoins price action is non dependent on either of these factors majority of people consider.
So what's going to make Bitcoin pop this time around? More institutional investment? Elon Musk? Something else entirely? Let's wait and see...
A wise person once said, be greedy when others are fearful and be fearful when others are greedy! Make of that what you will.
Thanks for reading...
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At the moment the market is exactly like 2018 after the 50 percent drop from 20k. Its over, and soon the memo will be out.
I'll HODL to 18k if need be.. fine 12k
Fine 8k
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Well...this is the volatility we signed up for, if you’re right, then I’ll definitely finally be rich in the next run, these past patterns have become ingrained into my memory
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Getting to make btc rise above 39k and climb to 50k is really gonna take time depending on the kind of factor that affect it. Getting to know the price is determined by positive tweets. I would say a solid tweet from Elon musk and positive tweet by top btc influencers will push the price to some certain extent.
But I will say we should avoid those factors in the market to make price rise, if this factors push price up tomorrow when they all turn against btc we will end up falling back to what we suffered currently.
So I'm saying we let the market price climb slowly and stronger to a reasonable bullish trend.
Aligns with my thoughts, I’m all for the slow and steady grind up...
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Yes that is the only way the market will be able to hold strong even if negativity attacks.
probably not:
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-btc-breakout
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I checked out the post, interesting analysis! Thanks for the link, well then let's call this pattern a “dummy dead cat bounce” then, because I also agree that BTC is sitting right where it should be
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we'll find out soon enough!
Yeah, BTC has been range bound after holding 30K a few times now. The more it tests the more likely it is to break down at this point. The 41K resistance held again so we shall see if price comes to test 30K again. Until we break 41K or 30K it is basically like watching a game of ping pong. Back and forth.
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Yep 👍🏽Exactly as the charts depicts...that’s why I’m just thinking about what the next line of move will be and probably why...
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When people stop believing that one billionaire will change everything, that's when we will see better climates in the crypto-sphere.
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Will that time ever happen?
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IDK
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Good question, double cross death rumors, bearish chart, up and down news cycle. I don’t hazard a guess at this point.
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