Recently, my chart call (see previous post) turned out to be prescient, with Bitcoin bursting through US$18,000 before adding another 10% very quickly. Since then the price has retraced by around $1,000 to be US$18.8k at the time of writing (on Coindesk).
To me, this is a healthy retracement. We're still well above the initial breakout point and alt-coins have run hard recently (BCH, ETH and LTC). Despite that money moving into alts, bitcoin has held firm. That breather, combined with more money into the alts (which could be recycled back into BTC) leaves us well set up for an assault on $20k.
The haters have been out in force recently:
I think the dumbest thing you can do is sell ALL your Bitcoin when we could be still early in a monetary revolution. Granted this guy has probably made a stink, but experienced investors let their winners run and if taking profits, don't sell all their holdings. This is an amateur hour move, regardless of whether it turns out to be prescient.
To me, Bitcoin is still climbing a wall of worry. Yes, it's not really feasible to do your grocery shopping with at the moment or buy a coffee. However, I'm not buying for that reason, and I doubt many people are. I'm buying it as digital gold and a store of wealth with out of control Central Banks and insolvent governments.
The more the haters lash out, the more confident I am in Bitcoin.
Until next time,
TheEngima.
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