It looks like the bitcoin bears have taken back control and are pushing the price of the cryptocurrency further down. Bitcoin is far below its beak of $20,000 and looks to be headed to 1,500. Many hodlers are still holding strong and the biggest hands are increasing their positions as the market slides. We know that this market moves in a cyclical pattern and this correction is no different from its predecessors. The price is falling yet institutions are buying in every day this means that when the time comes they will be prepared to help drive the price up with their influence. I suspect that this bear market will last several more months as folks continue waiting for the SEC's Final decision on the Bitcoin ETF.
Word on the street is that jeff bezos is possibly looking to get into the cryptocurrency game. Some analysts have said they think the tech billionaire will be one of the catalysts for the next run up in price. Rumors are often based on some grain of truth and i do not doubt jeff bezos has been at least watching the developments in cryptocurrency. I doubt he will get into the game just yet but It is likely and eventuality. Only time will tell what the next catalyst for the jump in cryptocurrency will be. the rumors abound and true believers are sticking strong and building stronger positions.
During a bear market it is a good idea to make periodic purchases to build your position. It isn't for the feint of heart because you have to be ready for your holdings value to drop during the rest of the bear cycle. Making incremental investments will make it so you have several different profit points at which you can cash out on the way back up. My strategy is to purchase some and when i think its bottoming I will make a slightly larger purchase.
well I hope you all enjoyed my thoughts on this subject! :)
