Bitcoin was having a great start to the year, then the coronavirus happened and everything tanked.
Well, everything except gold.
Stocks tanked, oil tanked, and yes even bitcoin tanked.
Well, it might have seemed pretty scary, but in all honestly it still isn't something that isn't out of the ordinary for bitcoin's halving price cycles.
In both previous instances, bitcoin was down 60% from its cycle high with 9,000 blocks to go until the halving.
Currently it is right there, also down 60% from its cycle highs...
(Source:
)https://twitter.com/ChartsBtc/status/1237480799445733376
- ChartsBtc
Hmm... I'm seeing a trend here.
In the first halving we actually continued to go down over the coming month as we inched closer to the halving, getting as low as 68% below its cycle high.
In the second halving though, we rallied strongly from this level and peaked just before the halving.
In both instances strong rallies were seen within several months of the halving taking place.
This is not financial advice, but even with the coronavirus fears in full swing, bitcoin isn't technically doing anything unexpected at this point.
And, if that remains to be the case, we are probably near the best buying opportunity we are going to see for the next 18 months or so...
Stay informed my friends.
-Doc
