I know it's disappointing to see Bitcoin pull back and lose some of the gains it has made in recent days, yet some are freaking out again at a 3% drop. Why? Relax and chill your boots it's all part of the pre-season ride in my humble opinion. It doesn't mean the bull isn't on the way. And here's something to console yourselves, take a look at the BTC graph below.
(TradingView.com, 2/10/24)
Yes, that's right this time last year Bitcoin was trading at $27,760 and look where it is right now. It's good to remind yourself of this impressive performance. Bitcoin has more than doubled since last year and do you really think it's done climbing? No chance. Bitcoin can be a tease and it's giving us a taste of that right now.
Of course it's irritating, and to some worrying, to see Bitcoin and the alts take a hit but it's only temporary. Just take a look at the bullish bearish sentiment index on CoinMarketCap and you will see the bullish sentiment gaining even more strength, up 1% on a few days ago.
What with the Federal Reserve cutting interest rates a few weeks ago, a continuing slowdown in inflation, potentially more Federal Reserve rate cuts and a possible crypto friendly incoming US president, things are, as the Yanks would say, looking pretty swell for the cryptosphere.
Peace!