Let's talk cryptoI overheard a conversation today which made question the types of investors we see in crypto and how ugly the market has become.
Let's get one thing straight, Bitcoin and many other alts have made serious gains in the past year and if you haven't made profits or taken them then you're a fool.
All you need to do is read twitter, go on instagram and even Tiktok now to see every person calling 100k, 500k where they hold about 0.0000042 BTC in their wallets. The majority of the people in the crypto space are brain washed into thinking that price can only ever go up. Go back to 2017 and you'll see everyone with the same mindset get humbled.
I am bullish on Bitcoin but only until $32200, if this level breaks we would create a new low on the charts and would look to really start a bear market (we are not calling a bear market yet but things are going in the right direction). From a different view Bitcoin looks to be making a new bullish low which could look to give us our next leg up. Regardless if we turn bull or bear I expect 57.5k to 59k to be met first.
I am an investor in crypto and I tend to stay silent on it because it's a very toxic space. For all I care Bitcoin can go up and my ROI increases or the markets dumps and I buy more. It really is simple and as long as you take profits then you really can't loose.
Should Bitcoin find a new lower high and break ATH we can expect 78k and then 84k as realistic targets.
Should Bitcoin break the support floor and make a new low we can expect the lows marked (24k, 17k and 7.5k)
Again I don't care which path it takes so don't get sensitive, you are observing a totally unbiased view on the pair.
Crypto and blockchain technology is wonderous and we are in very early stages of the capabilities. People are stating BTC is the new Gold, XRP is the next reserve currency and so on.
What we all need to come terms with is that Crypto is still in the early stages and you have seen no adoption into society, yes large cooperation's and governments are experimenting but this is not adoption. Adoption will take place once financial regulations and crypto on a whole can be controlled, you think companies are going to find stability in a crypto that can increase and decrease by 100s if not 1000s of dollars a day (NO CHANCE). Once crypto is adopted it will move like the FX markets where price is stable, coins found their worth and most importantly it can be regulated and controlled.
Here's an example of how UNREGULATED crypto is;
Tether the digital dollar, a great concept but behind the mask and hidden in plain sight there is very dark side. These whales, big wigs at tether owners and a select few individuals are printing and minting trillions worth of digital dollar and the great thing is for them it's unrealised, it has no affect on inflation and no effect on society. What's happening with all these trillions of Tether dollars which are printed and don't make it to public domain and seem to vanish?? They find it's way to a large purchase or Bitcoin, this bitcoin is then sold for real dollars. Get what's happening yet? fake currency is being used to buy real assets to then turn into real currency which can be used. It's such a simple idea that it's hard to believe it's happening. DYOR into this, when Tether prints there's always an increase in BTC orders. This has been ongoing for years and it's why the markets need regulation, adoption will take place once regulations are in place. It is then we will find the true value of our holdings. BTW once this story is uncovered through regulations (AND IT WILL) a huge market crash will come. Time is ticking.
