Bitcoin continues to be in this constant struggle of hitting over $100,000 and then dumping into the low $90,000 range and it's now does this roughly 3 times. We often see this on speculative news events such as in this case I think it's happening mainly because Jan. 20th Trump goes into office but we are also getting news that there will be no executive order or laws, regulation etc past that will be pro crypto for months or even years!
This is causing a lot of mixed emotions on the subject and also we are seeing a massive spike in bond yields as the US economic data is currently trending upwards showing a rather healthy economy for the USA.
I think a lot of the crypto bros thought that trump would come in and be super pro crypto. Now don't get me wrong it's more pro crypto than it ever was but that's not saying much when looking back on the stance of government vs crypto.
But to think that trump is going to go full out crypto bro with us is down right crazy. If anything the only reason why he's pushing for it is because of the money he has made with it from NFT's but also that the rest of his family is no involved launching their own exchange and I'm sure more is in the pipeline. Don't expect some big news release or push from Trump until someone in his family has a business that is going to benefit from it.
Love it or hate it that is always the game.
Often times people look at these up and down swings as suppression of the crypto assets that are priming themselves for a break away. This is because with price swings in the lower levels like this it often means whales are attempting to accumulate even more by semi manipulating the markets.
Now for me personally I just continue to stack and so far that's paid off. At some point I most likely will sell at least some of it out for FIAT but I do kind of see a day in which crypto will be the standard so I'll always have some of it.
The most likely trend this year is for bitcoin to push over $100,000 and then stay above it. This should happen simply because of how pro crypto is and a pro government along with massive world wide adoption now happening.
I don't however see it breaking out until we get closer to something solid that proves the USA is going to be really adopting crypto and putting it into a friendly zone for companies to come in. I could care less about mining it all when instead applications that run on it would most likely see higher yields for people and for the government over simply flat out mining the currency.
If we get positive clarity on that, note I said POSITIVE clarity and not just clarity then I could see growth. The reason why I say this is because if we get clarity but it's expressive and not welcoming to new start ups etc then people simply will not do it and in fact might leave for another country to start up or crypto in general could just fall apart.
What are your thoughts? Is bitcoin doomed to more repeated sell offs like this or will we soon hold over $100,000 a bitcoin for the foreseeable future.
