You know how it looks when you’re trying to resuscitate someone who’s gone unconscious by doing a CPR? That’s how the cryptosphere has been feeling so far in this month. The price of Bitcoin finally sailed off the shores of $30k and found some support at $39k. Some people attribute this move to El Salvador’s Bitcoin adoption while others say it’s because Tesla will resume accepting Bitcoin.
Personally I think it’s either both or neither of those two reasons. Certainly the El Salvador’s adoption must have brought some new eyes into the sphere, and perhaps some new money followed suit, at least we know for sure that other countries have begun looking into doing the same, so we give them that. Also for those who are on Elon’s leash, it is expected that they also did some buy backs.
But are those enough reasons to move the price of Bitcoin from $30k and find support at $39k? Going by this analogy only means that for Bitcoin to move another 10k, perhaps it will take another country to make an announcement of passing a bill to make Bitcoin a legal tender, El Salvador style, plus Tesla tweeting something positive about Bitcoin to get it to $50k or what do you think?
Let’s not forget that Microstrategy also stated a plan to invest $1billion in Bitcoin. Personally, I feel that we really can’t speculate based on these occurrences, if we look back in time, non of these things made Bitcoin pump from $40k to 60k, it just did. This is why I think Bitcoins price action is non dependent on either of these factors majority of people consider.
So what's going to make Bitcoin pop this time around? More institutional investment? Elon Musk? Something else entirely? Let's wait and see...
A wise person once said, be greedy when others are fearful and be fearful when others are greedy! Make of that what you will.
Thanks for reading...
