Bitcoin has done a good job at respecting the $5,800 support which roughly comes down to the average cost to mine 1 Bitcoin. Most miner friends of mine have already stopped mining. Some have sold their equipment and invested directly into coins. Now, the sentiment has definitely reached a point where even some of my sensible investor friends are scard sh*tless. These are veterans who have been in the stock market for a long time but they are not that old to crypto. Well, I am, and I wish you were around when Bitcoin reached $1,000 and started to nosedive. The media today is far too kind to Bitcoin as there are a lot of crypto dedicated news outlets. Back then you had no place to turn to guidance for except Reddit. Anyway, I digress. The point is, Bitcoin does not have a lot of strength right now but it will still make the climb to $7,000 where it will most likely be pushed down again by an expected ETF rejection/delay. However, that does not change my long term opinion.
I still believe we are breaking this downtrend by mid October at the latest and that Bitcoin is all set to begin a new trend. This right now is the time for accumulation. Once the whales are done, they will open the floodgates. You just have to accept the reality of the situation and wait for the opportunity. These last few years have shown people that a lot of money can be made in crypto. Not by trading Bitcoin but by setting up businesses like Coinbase, Binance and Bitmain. A lot of people are drooling over this right now and they are ready to jump in. Things are in motion in the background. These major players now see that it is possible to make a lot of money with crypto businesses. They are not just going to lay down and let the market sink into a long term bear trend so new players take over their early movers advantage. These people control the game for now. Like it or not, that's how it will be till there is more adoption of Bitcoin worldwide. So long as it is up to these guys, they are not killing the game.
I still believe we are breaking this downtrend by mid October at the latest and that Bitcoin is all set to begin a new trend. This right now is the time for accumulation. Once the whales are done, they will open the floodgates. You just have to accept the reality of the situation and wait for the opportunity. These last few years have shown people that a lot of money can be made in crypto. Not by trading Bitcoin but by setting up businesses like Coinbase, Binance and Bitmain. A lot of people are drooling over this right now and they are ready to jump in. Things are in motion in the background. These major players now see that it is possible to make a lot of money with crypto businesses. They are not just going to lay down and let the market sink into a long term bear trend so new players take over their early movers advantage. These people control the game for now. Like it or not, that's how it will be till there is more adoption of Bitcoin worldwide. So long as it is up to these guys, they are not killing the game.