Bitcoin has had a great start to the year.
A historically great start in fact.
It was up close to 50% on the year at its peak a few days ago.
And then something happened we have seen happen before...
Right as bitcoin was getting some serious momentum, someone from Washington poured cold water all over the space.
Well, this:
In a nutshell, the Treasury Secretary said that they are ready to roll out some very heavy handed crypto regulations in the very near future.
Yikes!
That may not sound like anything new but remember it was remarks by this guy that helped topple the bitcoin run back in June of last year.
Right about the time bitcoin was getting up near $14k, the Treasury Secretary, the FED Chairman, and the President all voiced negative opinions on bitcoin.
Not surprisingly, bitcoin struggled to gain much momentum the rest of the year.
Don't get me wrong, bitcoin was already up 50% in a very short time this year and many technical indicators were hinting that a correction was likely to come, but still...
This time it may be short lived, however, with the halving just around the corner.
Currently the halving is slated to happen somewhere around May 10th.
Past patterns indicate we are likely to see a pretty strong rally leading up into the halving.
Will history repeat again?
If so, this Washington Dip needs to be bought...
Stay informed my friends.
-Doc
