Before You Get Paranoid About The Recent Bitcoin DIP...
Bitcoin is a volatile asset, you know that by now, right?
It was designed by its creator as a "peer to peer digital cash", used for buying illegal stuff online during its early years, saw as a huge opportunity of making money just about after the second halving occurred and labeled as legal tender in a Central American country just one year after the third halving.
Tell me Satoshi Nakamoto knew about all these when he created what we now refer to as sound money(cough Michael Saylor), or the best money we had in our entire history... or a hedge against inflation... I bet he didn't.
I also bet no one around here had at least envisioned what Hive has become. Nevertheless, both bitcoin and HIVE are "free to trade" on open markets and no matter what we think of these blockchains and what fundamental value we would give them, it's human emotions putting a price on their heads.
The current price the market has put on bitcoin is $37,386 and it's a fair price I'd say... I mean if you look at its ATH($69,000) it's less than 2x down, but if you swipe left to the ATH of 2017 we're actually 1.5X than that ATH.
Is it going to retest that level(2017 peak)? Why not... A matter of fact, every previous cycle bitcoin has tested, during the bear market that followed the blow off top, the previous bull market ATH. That would mean that BTC is going to as low as $20,000 this bear cycle...
Don't kill the messenger, OK?!
I'm not saying it will, and tbh I don't care if it does that. This cycle imo doesn't resemble the previous ones, though, thus we might have a different bottom now, other than the usual "previous cycles ATH". Personally, considering the adoption to which Bitcoin has reached, I believe the bottom now should be around $30,000.
It has tested that now for so many times and it hasn't breached down through it. That doesn't mean it won't happen, but it looks strong enough to not do that. What caused the recent dip for bitcoin, though?
Well, just some news regarding the smartass president of US announcing and announcement on some regulatory framework that should be signed by the moron in a week from now... Yada yada. I am no longer affected by these dips, I laugh at em instead and try to add to my portfolio.
How easily plebs are falling for selling their bitcoin to institutions :)... We have reports all day about cities and counties of the US adopting bitcoin and some of us are still shitting their pants about regulations. Believe me, America is not that stupid to make the same mistake as China.
Cryptocurrecyes.
Thanks for attention
