Ouch

Hi Friends,

Bitcoin (and the overall crypto markets) has taken a dive in the last week - here is the chart:

There hasn't been a lot of negative news lately, so the sell off is puzzling. I have long since given up being surprised by the moves, and the charting patterns seems to be of little use as a predictor.

There are still some red flags in Bitcoin - the lack of knowledge of the creator and some large inactive wallets suddenly starting to sell (due to high concentrations) are two of the bigger red flags. I do think blockchain use cases are oversold, but also feel decentralized finance has a lot of value. I also like the start of the adoption as a store of value in the investment community.

All this adds up to one thing - I have no idea where Bitcoin is headed in the near term, but feel confident those who are buying here will be rewarded as time goes on.

Thanks for coming by,
Brian