I have been watching it bounce up to near $40K only to drop. It would go down close to $30K only to rise. It had strong support at $30K and lot's of sellers approaching $40K. Something had to give. My thought, and I am sure I am not alone with this, is that whichever line broke first would determine BTC's next short term target.
The next target would be $25K and could go back down as low as $20K short term. All of the people who proclaimed the big bull market of 2021 officially over could be right. All of the people who risked a lot to get into the bull run expecting $400K BTC would really begin to sweat.
I think this little game of cat and mouse that has been happening since the middle of May has caused a lot of panic in a lot of people. Many people see BTC go up and expect it to just go straight up. There is too much money to be made off of FUD for that to happen. I think a lot of weak hands are out of the game at this point. I also think that those who spend big bucks to create a dip only have so much money to buy the dip they create. When they are happy with the amount they accumulated... back up we go.
I think we are going to see the price of BTC blow past the psychological barrier of $40K soon (ya, I know... we are almost there, easy call) and then start to rocket upwards. I am not sure where it is going to go from there, but I would not put new all time high's off of the table.
Once the bull market sentiment returns to the market, and the same people who generated the FUD start to generate the hype, we will, in my opinion, see some pretty strong moves in the coming weeks up.
The meh is the key to this whole article. It is not that I don't care about BTC going up and the rest of the market to follow it. I am pumped up about it. But I see this in a different light. BTC hitting new all time highs is an inevitability. Hive, CUB, (pick your favourite project that you didn't just roll dice on) are all going to change the lives of those that are in it now.
I can already see it very clearly that I will be living off of blockchain technology in 5 years. I am on the slow train as I want to ensure that I can live off of newly generated crypto without needing to sell off the bags. This means the Hive Power, LEO Power, POB Power, Staked CUB etc... stays put and the newly minted Hive, LEO, POB, CUB etc is what I live off of. I am far from that reality but I can see it very clearly. It will happen.
So, BTC starting it's inevitable run up at this point is exciting, but at the same time... I'm ready for the longer game.
I am going to hammer this one in as I feel it is super important. There is more than enough. There is life changing money getting printed everywhere. Blockchain came out of nowhere 13 years ago. Today it is worth over 1.6 trillion dollars. In a few months that could double. In ten years, where will it be?
BTC is legal tender in one nation and there are many dominoes set to fall in the coming days.
DeFi started a year ago and is effectively taking the financial sector by storm. It is eliminating every blood sucking middleman and passing all of the gains on to the investor. Crypto is great at removing middlemen that do nothing more than skim off of the top. This is why it is a no brainer, this is why it is here to stay.
I am not counting how many dollars my bag is worth. I am adding more crypto to the bag. Looking at the dollar amount causes emotional responses that are dangerous. Many people panic sold and are missing the bus to new all time highs. They were emotional when they bought, it didn't go as planned, they emotionally sold. Next they will emotionally watch the bus they missed and get even more angry and swear off of crypto and call it a scam.
This space has many sharks that are willing to scam you, but do not be mistaken. The sharks have their scam, pump and dumps, DeFi rug pulls and ICO scams are everywhere. A new dog coin shows up on BSC everyday. A fool and his money... you know how the saying goes!? For people who do their research and understand where their money is going, there is a ton of potential. A TON!
I am stacking what I can. I am staking all that I can. I am diversifying into all of the projects that I believe in and that I want to be involved in. I am watching the market as I don't want to make the same mistakes I made in 2017.
"If you wanna be the man, you gotta beat the man!" I had a friend who always said that when I was younger. I get it. Fully. There are a ton of people who are making a ton of money manipulating these markets. There will be a top, as this market is already too hot. If it goes up more, it only will get hotter. To beat the man, you need to be in the game and aware of the "man's" game. If you hodl, you don't lock in any gains... long term, you are safe...
Watching the dollar amount is important in this regard. I'm trying to not care about the swings in the market. Those are guaranteed. But to secure your gains for the inevitable bear run is also important. I held onto st**m all the way down from $8 and would not advise that strategy for anyone. Splinterlands saved my portfolio. Taking profits is not a bad thing and I plan on taking them all the way up. If I didn't get greedy, I would have taken more on the way up to $60K and would have more stacked today. Hindsight. I am learning.
I think things are going up again. They will remain volatile all they way up. Emotions are not your friend when trading crypto, but really, I can already see the results of my end game. I'm not worried about the short term. Things are setting up nicely and the more I set things up, the better things look. For those of you reading this today, you are among the early into this space and have a great opportunity.
I am not a financial advisor, everything could tank. Invest what you can afford, take care of those that depend on you...
Let me know what you think!
