.png)
Bitcoin has broken above the last remaining resistance level at $116k and is now going into price discovery mode.
For anyone who works in the industry, or has just been reading these newsletters for a while, it has been a long time coming. Four years ago we didn’t have Bitcoin ETF’s, Saylor’s seemingly unstoppable Bitcoin Strategy flywheel and governments following the US lead in a pivot to pro-crypto narratives. Blackrock’s IBIT Bitcoin ETF saw inflows of $448.5m yesterday alone, the second biggest day ever and I wouldn’t be surprised if they go higher today as we approach the end of the week. Wall Street fund managers are not immune to fomo. It’s an exciting time and I’d suggest a moment of euphoria as everyone who has ever purchased Bitcoin is now in profit. It wont always be like this, so let’s enjoy the good times and make hay while the sun shines. If Bitcoin continues it’s move up I expect it will capture attention and create the opportunity of a lifetime for traders, developers and founders who can profit and grow in their own ways from the reflexivity of the sector. Altcoins are still the key to unlocking this opportunity in my opinion and ETH/BTC is a litmus test for everything else. If mainstream attention comes back it will flow into alts as “Bitcoin is too expensive”. That might be governance tokens, memecoins, NFT’s or something entirely new that hasn’t been brought to market yet but whatever it is it will offer excitement and thrill of growing wealth fast. A word of caution that the higher this goes the more chance we see of a significant pull back and reversion back to four year cycle dynamics. A big blow off top at some point in the next 12 months would be wonderful but also a time for concern and risk adjustments. Have a plan, if you find yourself fortunate enough to be sat on life changing unrealised gains, don’t forget to take some chips off the table, do not give it all back to Mr Market.
Bitcoin isn’t the only thing making all time highs with gold and stocks also putting in big moves. The other side of these pairs putting in all time lows against these asset classes is fiat. Our dollars, pounds and Euros are devaluing at an accelerating rate as the expansion of the money supply is big but questionably beautiful. Cash is trash assets are king and crypto has become a widely recognised asset class. If you’ve ever wanted to trade, build or work in the crypto sector now could be the time to capture the momentum.
Social links are below and if you enjoyed this newsletter I would appreciate it if you could share this content
|
0 Komentar untuk "Bitcoin Enters Price Discovery :: Are You Ready?"