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Bitcoin Back From $47,000.00 Dip Battling Resistance at $55,000.00 SHIB, XRP & More!
Bitcoin is currently at $54.4 Thousand USDT as of the time of writing this article. Bitcoin has been on a wild ride lately. Elon Musk, Tesla announce a 10% sell off of the $1.0 Billion worth of Bitcoin they had bought earlier this year. My opinion on that matter is still the same as it has always been. Bitcoin doesn't have to have institutional money in order for crypto to go parabolic during this cycles.
I have had the pretty evident theory for some time now that the institutions and corporations putting money into crypto was going to speed up this cycle ahead of previously thought projections and was going to be a complete game changer. The big rumors in Bitcoin right are whether or not Wal Mart and Facebook have bought into Bitcoin.
Honestly after seeing other corporations like Micro Strategy, Tesla, Space X, Mass Mutual and so many others that have made Millions and Billions just by holding such a small percentage of their balance sheets Bitcoin it is almost a no brainer but to hold your idle money in Bitcoin just for the returns alone. After all, the returns you will get this year are nothing compared to the returns you will get in 2024.
At this point in time I have been calling for a slingshot effect from this correction on Bitcoin which I do believe is just about the steepest correction we have had this bull run. $18K correction. However Bitcoin dominance is holding at around 50 percent and Bitcoin is still thriving.
I have no reason to believe the Bull Run is over. I do know that the big guys like to shake out the small hands and buy up the dips. Bitcoin has been looking really unpredictable for some now. Almost like Bitcoin cycles are hanging onto "Twitter Trends" A.K.A Social sentiment more so than anything else.
I do believe we are about to see somewhere upwards to a $300 Billion inflow on altcoins to kick off an altcoin wave again... Than again I feel like the overall market cap should reach it's cap at around 7.8 Trillion this Bull Run alone. Thus far we have hit just shy of a 1/3 of that prediction.
If you pay close attention to the market you will notice the trends of money flow within the markets. Right now the overall market cap is down roughly 2oo Billion USD it was down roughly 400 Billion not even a week ago. Today we are above $2.08 Trillion Dollars. The image below is the two ways I think Bitcoin could in the short term. I lean more towards up than I do towards down but yet we will find out..
I am currently targeting the next All Time High to be around $74,000.00 to $78,000.00 Hopefully the high hits $82,000.00 which would be the best case scenario The very worse case scenario that I can play out would be a massive correction all the way down to $39,000.00 to $32,000.00 Once again I don't think this will be the case.
I knew in the back of my head that $47,000.00 was still a high possibility especially when we set the newest all time high. But, like some of the most know influencers in crypto like to say, "Double Digit Corrections Bring Double Digit Returns" and one of my all time favorite quotes from a well known traditional guy, " The Best Time To Buy Is When Their Is Blood In The Streets! "
I can't disagree with the XRP ARMY that is calling for XRP to go higher than $12 this Bull Run. I know with comparison to the old All Time High that XRP could easily see $30 but the likely hood of seeing a high like that is slim with a pending suit. I lean more towards seeing $12 highest possibility unless the suit settles and XRP just goes parabolic which will happen eventually.
I know plenty of people that lost majorly with the SEC announced the law suit and people/institutions panicked and sold XRP only to see XRP go up over 100% higher than it was when the Suit was announced by the SEC. XRP is major player has been undervalued for so many years.
XRP has utility that goes further than just borderless payments and payment processing for financial institutions and countries around the world. XRP is the smartest way to transfer Money from one exchange to the next. I like XRP more than I do USDT in so many cases. I will hold money in a stable coin on an exchange but I will not ever transfer money in stable coins from one exchange to another. XRP for the most part, exchanges charge .10 XRP which is better than $20 for usdt or more to send Bitcoin from one exchange to the next.
Oh, Did I mention that XRP settles faster than any other crypto? For the exchanges that I can't use XRP I always use...
BCH is currently at $892 and fighting with the $900.00 range. BCH had an amazing run up before this correction back down to $800 level which seems to be holding firm for now. The way the rest of the market is looking right now I would say our next run up will be around $1,600 to $1,800 I am still sticking with BCH will follow suit with BTC, so if you regret not owning 1 BTC than you will regret not owning one BCH for sure in the future.
SHIB is up over 30% today after a low of $0.98 coming from the All Time High of $4.00 Per Million. Shiba Swap is still scheduled to be launched before the end of the month. I haven't heard any news that would suggest otherwise yet. I do think SHIB will be a major success at some point in the future. I bought into SHIB starting at .04 Per Million and I still hold about a billion earning interest on HotBit.
It may not be safe to hold your funds on a centralized exchange but some times it is just easier. You do take a risk of losing everything but than again if you lost your pass phrase to your wallet you are also out of luck. Plus you can buy ERC-20 Tokens on an exchange and only deal with gas prices when you withdraw crypto. I do recommend making sure you are able to withdraw your crypto before purchasing the crypto at an exchange.
As some exchanges Forbid withdraws on certain crypto..
Ethereum is currently at $2,741.00 and headed towards $3,000.00 as profits seem to be flowing through Ethereum rather rapidly. I won't attempt to pretend to be a major ETH Enthusiast because I don't like paying $2.85 per gallon of Unleaded 88 let alone a $20.00 fee for an electronic transaction.
Consider my net worth is under $10,000.00 gas fees really prevent me from using sites like Uni Swap which I do love. I just can't justify the gas prices when you can avoid most of them and participate in the crypto projects.
This Bit Boy Crypto guy is a joke, seriously... The way he bashes Elon Musk for his company cashing in 10% Bitcoin for a total of $272,000,000.00 Bit Boy is bashing Musk for this. I for one understand that every one who buys crypto has a right to sell every last Satoshi.
The Facts that Musk has just proven to every corporation is that they can put their entire balance sheet into Bitcoin and holding while growing profits over time and than when they take out 10% at a later date and time the assets liquid. Meaning they can pull out cash reserves as needed for other investments, cost or the downfall being that they will most likely invest heavily into bitcoin after quarterly reports and than sell enough to make the stock reports look even better before quarterly reporting. Just my opinion.
However this means that we will see an even greater inflow into Bitcoin by even more corporations. We also have the launch of the Facebook Crypto Wallet that will be epic in the crypto space, even though I can't stand Facebook as a corporation. The more corporations pouring money into it the better.
I recently got my Fiancés Uncle into Crypto after talking up SHIB to him for weeks he put a could dollars on SHIB when it was at .18 per million. He was excited to add more money to his crypto account. I wasn't as thrilled for him to do so. Instead I got him set up with a coinbase account so he could complete the coinbase earn stuff and have some Play Money so to speak.
Well, last night her Uncle comes to me and says, "Every Thing Is Tanking, I'm Going To Move Every Thing Around" I told him, " That is a terrible idea you are going to lose money" Well, like so many of us do when we first get introduced to crypto, he panicked and sold most of his portfolio and bought back in at a higher price.
I think he learned his lesson here. This is why I only recommend playing with money that you can live with going to zero. That way you are not tempted to sell everything when the market tanks, because during a bull run double digit corrections are typical to see happening daily and they are almost always followed by double digit if not triple digit gains.
I know it can be hard to not sell the dip and buy the highs but with time, practice and patience you can learn to tell the difference so you are not making these kind of mistakes that can cost you every thing and potentially detour you from crypto until you are forced back into it by the financial systems.
Until Next Time, Thanks For Reading, God Bless You & Stay Healthy!