Bitcoin Start Of New Multi-Year Bear Market? I Don't Think So...
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There have been many people calling for a sub $20,000 Bitcoin and the start of a new multi-year bear market? I do not believe that will be the likely scenario considering we have already crashed and the major selloffs have already happened. I highlighted the 3 most major sell of volume sticks since 2017. It has been clear this period has been turning out to be a consolidation phase in the market as we continue to move sideways waiting for a strong move to the downside or upside. Consider this:
* Buy and sell volume has been getting very low.
* We now have over 200 days of support trading above $30,000
* We only have 28 days of support between 18k - 20k.
* $30,000 is a way stronger and more important support level than $20,000.
* Tesla has not dumped their Bitcoin Holdings.
* Intuitions are still more interested in Bitcoin than ever before despite the volatility and crash.
* Bitcoin hash rate has slowly been recovering.
* This is the longest period of extreme fear registered from The Fear & Greed Index ( We are still continuing to be extremely fearful).
* Bitcoin mining is continuing to become more renewable and miners have been re-locating mining outside of China at a rapid rate.
* On Chain Metrics indicate large whale addresses have been accumulating between 28k - 30k.
* This most recent crash has been the biggest in crypto history considering the amount of money that has left the space (1 Trillion in under a month).
* Countries adopting Bitcoin as legal tender will continue to grow.
* Bitcoin is becoming more desensitized to Elon Musk and China FUD.
* Crypto luxury transactions accelerate at Sotheby's.
* Sotheby's recently sold a rare 101.38-carat diamond for $12.3 million in cryptocurrency.
I say all of this because market sentiment is what drives price. This market has matured greatly since the last bear market. We will come out of this state of extreme fear, uncertainty, and doubt in the months to come. We are now back at them bottom of 30k. Can we go lower? Yes but how low? We're still in a downtrend and the charts are pointing down. Expect another drop to 28k as long as we're still in this phase. I don't believe we are starting a multi year bear market "just yet". The fundamentals going forward are more way more bullish than bearish throughout the rest of this year.
If you're at a loss I'd just say continue to HODL through this and be patient. Think about the bigger picture and believe in your investment. This is the future of economics and finance. The bears want you to sell at these lower prices and want you to believe Bitcoin is back on its death bed. Most of my portfolio is staked throughout this period.
Much peace, love, health, and wealth everybody.
* Buy and sell volume has been getting very low.
* We now have over 200 days of support trading above $30,000
* We only have 28 days of support between 18k - 20k.
* $30,000 is a way stronger and more important support level than $20,000.
* Tesla has not dumped their Bitcoin Holdings.
* Intuitions are still more interested in Bitcoin than ever before despite the volatility and crash.
* Bitcoin hash rate has slowly been recovering.
* This is the longest period of extreme fear registered from The Fear & Greed Index ( We are still continuing to be extremely fearful).
* Bitcoin mining is continuing to become more renewable and miners have been re-locating mining outside of China at a rapid rate.
* On Chain Metrics indicate large whale addresses have been accumulating between 28k - 30k.
* This most recent crash has been the biggest in crypto history considering the amount of money that has left the space (1 Trillion in under a month).
* Countries adopting Bitcoin as legal tender will continue to grow.
* Bitcoin is becoming more desensitized to Elon Musk and China FUD.
* Crypto luxury transactions accelerate at Sotheby's.
* Sotheby's recently sold a rare 101.38-carat diamond for $12.3 million in cryptocurrency.
I say all of this because market sentiment is what drives price. This market has matured greatly since the last bear market. We will come out of this state of extreme fear, uncertainty, and doubt in the months to come. We are now back at them bottom of 30k. Can we go lower? Yes but how low? We're still in a downtrend and the charts are pointing down. Expect another drop to 28k as long as we're still in this phase. I don't believe we are starting a multi year bear market "just yet". The fundamentals going forward are more way more bullish than bearish throughout the rest of this year.
If you're at a loss I'd just say continue to HODL through this and be patient. Think about the bigger picture and believe in your investment. This is the future of economics and finance. The bears want you to sell at these lower prices and want you to believe Bitcoin is back on its death bed. Most of my portfolio is staked throughout this period.
Much peace, love, health, and wealth everybody.
Nota
Crypto Luxury Transactions: nasdaq.com/articles/crypto-luxury-transactions-accelerate-at-sothebys-2021-07-14Nota
Bitcoin Hashrate: ycharts.com/indicators/bitcoin_network_hash_rateNota
Bitcoin Fear & Greed Index: alternative.me/crypto/fear-and-greed-index/
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