What coin should I hold? And how do I know which coin I should hold? Because that all seems to change. It all evolving all the time! How long should I hold the coin that I'm already holding?
"These assets don't have any underlying fundamentals and they don't have a business necessarily. But the belief is that we are at the start of very long game for cryptocurrency." - Michale Saylor
Bitcoin is the base layer store of value and, like the crypto reserve asset that will become the source of integrity for the finance system of the 21st century.
The Bitcoin billionaire Michale Saylor recently spoke about the importance of holding Bitcoin and he thinks Bitcoin has potential to go 1 million dollar per coin. He believes that Bitcoin will be the dominant, emerging monetary network and will win against all.
The Bitcoin price is deeply in the bear territory after a sudden change in conditions. The BTC is trading at $40,200 while writing this one which is 40% below of it's all time high, near $65,000. Its market cap has dropped to 800 billion dollars while that of all cryptocurrencies has fallen to two trillion dollars.
There're several reasons why the prices of Bitcoin declined.
First, in a statement, Elon Musk implied that Tesla might sell or has already sold its Bitcoin holdings.
Second, there are swelling concerns about tether, the most giant stable coin in the world.
Third, BTC is falling because of the rising possibility that the fed will start tightening as US conditions improve. Such a situation will be bearish for the currency since the actions by the fed have contributed to the recent bull run.
Turning to the weekly chart, we see that the BTC price faced substantial resistance in the past few weeks. The currency has struggled to move above 60 thousand dollars. At the same time, it has moved below the 23.6% Fibonacci retracement level and is currently approaching the 38.2% retracement level.
This is a sign that bears are prevailing.
Another notable thing is that the currency has dropped below the 25 week moving average. Therefore in my view, the bearish trend will likely continue as bearish target the 50% Fibonacci retracement level at $32,798. However a move above $50,000 will invalidate this trend.
What are your thoughts about the future of Bitcoin?
