Bitcoin: $8,839.93
Market Cap: $367,023,825,956
Bitcoin continues to trade within the $8k-$10k range with little sign of a breakout anytime soon, despite the attempts by some to convince their followers that a boom is imminent. Unless they know something the rest of us don’t this is basically irresponsible, as the weak hands that bought in during the Dec-Jan bull run have more or less all dropped out by now and big money doesn’t want to invest at these prices, so where exactly do they think the money is coming in from? Given the recent pattern of boom and bust newcomers are understandably nervous, and cryptocurrency seems to have had its moment in the sun – for the time being. It was the flavour of the month over Christmas, but now there’s other news in the papers and the man on the street doesn’t care anymore. Most of them probably think it’s died. The bull run is coming, but not, in my humble opinion, before another crash to entice people in. If it drops down to $5k-$6k then there might be a nice springboard effect to start the run. Goldman Sachs were in the news saying that they 'expected' BTC to crash to below $5k, which is pretty crap code for 'we are going to make sure it crashes to $5k', which is fine by me - as long as I'm prepared!
Given the lack of action I’ve been trying to play the price changes to gain more BTC, going all in or all out depending on sentiment. Overall it’s worked a little, gaining me a little extra BTC, which is the best I can really do at the moment, otherwise it’s a case of waiting it out and wondering. I saw a great quote yesterday which I can’t seem to find now, but it was a reminder to focus on what you want not what you want now, which I think is particularly relevant in times when I’m working out how little I need to make in order to quit my job!