Bitcoin, Stimulus Checks and Publicity! What that means for Bitcoin & Crypto?

Bitcoin is on the move!

Bitcoin above $51,000.00 at the time of writing this article. We have a lot of influencers that are already anticipating $62K Bitcoin this week alone. While I have been anticipating the climb back above $50K that last few days I think we still may another dip below $50K at this point I don't think we want to see the price below $49K in order for the major influencers on You Tube to be correct, but it is Bitcoin we are talking about here and anything is possible.

Stimulus Checks For Americans

The Senate passed the China Virus Bill through the Senate with 50 Democrat votes for the bill and 49 Republican votes against the bill. What does this mean for Americans like myself? To be honest, it means I will end up having to pay the government back $5,000.00 in taxes alone just for a $1,400.00 Stimulus check. Yes, this isn't free money contrary to popular belief.

However the money is going to inflate the USD and in turn we will see a major spike in the Stock Markets, Crypto Markets and basically anything that values itself based upon the USD. The reason this will effect Crypto Markets heavily isn't just the fact that plenty of people will be vesting a lot of this stimulus money into the crypto market, mainly Bitcoin and other heavily popular Crypto's at the moment.

The main reason will be the inflation effect from the USD that have been put into Bitcoin and other crypto's. I know a lot of people may disagree with this assumption but we have seen it time and time again. Look back to March 2020 when the first Stimulus Package for the China Virus was sent out. Bitcoin started a major rally to the upside, again in February 2020 when President Trump issued the $600.00 Stimulus Checks we seen Bitcoin turn from slightly bearish into Bullish again until we hit our debatable high of somewhere between $57K to $62K mainly just depends on what platform you trade on as to which Bitcoin High you are going with.

For the sake of this article I'll say $58K is the current all time high and I am thinking that we will see a 3 week run up to $84K with a drop back to $60K or worse case scenario higher $50K levels before we continue the bull run above $100K. I find these pull backs to be highly crucial to the success of the Bitcoin Bull Run. I am still sticking with my very reasonable and yet humble end of year price at $137K.

Why am I so Bullish on Bitcoin?

Why would I not be? I know this area is highly debatable by people whom think Bitcoin is played out, "We have so many currencies that are more efficient than Bitcoin" while I can not and will not disagree with those facts, I can't agree with the Bitcoin not being worth the investment, short term or long term. 300x gains are nothing to stick your nose up to.

A lot of times you will find that the people trying to get you to stay away from Bitcoin have plenty of other currencies they would rather you invest heavily into so they can dump on you. I am not saying that you won't get dumped on in Bitcoin because you will get dumped on in any crypto that you vest in. I know this is a scary reality that we have to face when investing, but if you hold firm you will always get back in the green, always try to avoid selling anything at a loss unless you can't help it.

I have put a lot of money into Bitcoin and have continued to see gains that have helped me support my family. I have not been paid by workers comp since October of 2020 I have been living off of Crypto alone. Bitcoin has been the major factor of the income.

What do rich people know that we don't?

The top 1% the wealthiest of the wealthy are currently investing in Bitcoin, researching crypto, developing crypto. This fact alone is keeping me Bullish, the fact that 2,000 BTC are being stashed away by major corporations everyday and we are not producing enough Bitcoin to meet that demand due to all the halving's that we have had in Bitcoin.

These facts alone tell me that we produce an extra 328.5K Bitcoin per year while we are having Corporations alone buy up 730K per year at a rate of 2,000 per day. On top of the corporations doing this, you have people like myself whom are actively doing the same thing. Now, how could I not be Bullish on these facts alone?

Everything in the World comes down to speculation, supply and demand. Bitcoin is high on all 3 of these list. Low supply, High Demand and a ton of speculation. I know that we are headed straight up to $1,000,000.00 over the next 3 years alone. Look at Uni Socks selling for over $166,000.00 USD just days ago. That is nothing in comparison to where Bitcoin is headed.

Let's take a look at my Bitcoin Charts

While I am not the best at charting I have been learning a lot. I have indeed learned enough to know that Chart pattern training is an effective means of trading anything. Can anyone predict 100% what is going to happen to Bitcoin every time? No, and if they say they can, you shouldn't be taking any advice from them.

The best traders I have learned from always advocate to do your own research and they will even tell you that pattern trading isn't 100% but it will give you a better understanding of the markets and where they are heading.

The chart above gives me the indication that we are away from the bearish moments that we had and we are extremely bullish in light of the stimulus check news we are currently above $51.5K and to be honest we should see a slight pullback when he hit the next resistance level. I would hope for it blow past the resistance level and turn it to support and keep rallying ahead towards the All Time High.

The red line being the resistance at almost $52.8K is where I am looking at for the next pull back. The chart below while mostly uncharted is the path that I believe Bitcoin will start to follow over the next week. Provided everything continues at the rate we are seeing right now. Now with any of my predictions I want you to keep in mind that I am not a financial advisor nor am I giving you advice. I am merely documenting how I trade.

I will be paying close attention to the next 3 levels and I will also be expecting to see pull backs at each of those levels with the largest pull back to be at $84K however we won't really know until that time comes. I think we have enough reason to see major pull backs in the 80K range. We are moving closer to uncharted territory everyday, no one can really predict the future.

My Final Thoughts

Bitcoin has blown up way past the expectations that I had not even a year ago when I started blogging about Crypto. I seen the stock market about to crash, stimulus talks, the china virus and the major factor was the halving of bitcoin in 2020 which always has lead to a bullish market. I don't think you have to have a very high IQ to look at the data presented from Bitcoin on the charts to realize that it is headed in an upward trajectory over the long term.

We have major debates online about when the Bull Cycle will end, I can tell you this much, September to October based upon previous cycles would be the time to be highly skeptical. I don't think we have to start talking about the Bearish cycle beginning until these corporations and other wealthy investors stop purchasing Bitcoin in excess of what is mined daily. Once we start to see this phase take a decline we should all anticipate a large dump that will lead directly into the next bull cycle.

How long would a bearish cycle last? In my opinion not long at all. I have been saying since I started blogging about Bitcoin that we are not looking at a typical market in comparison to the previous bull cycles even though history tends to repeat itself over and over again with the exception of some thing major changing the game. 2020 and 2021 have proven so far that the game has changed, we have laws and regulations in the crypto communities.

The SEC has even stated that Bitcoin at this rate will be the next USD in terms of trade. The United States is working hard at developing a digital dollar which will hopefully be released this year, I am banking on Ripple being a major part of this and hopefully XRP being a key factor. I wouldn't bet my entire savings on this, but I would recommend any one to hold at least 200 XRP in anticipation of what could happen.

Could you imagine having held 200 Bitcoin? I don't want to have that regret ever again lol... My main goal with Bitcoin is to have a whole Bitcoin that I plan to lock away for safe storage for the long run. Honestly at the current price of $51,605.50 you can expect to be at least a millionaire by 2026 and that isn't a bad long term investment. I still own some stocks in about 5 companies that I will hold until I absolutely can't hold anymore.

I wouldn't ever invest any more money into anything beside Tesla or crypto and property.

As always, Thanks for reading, God Bless You and Stay Healthy!