Thoughts on Bitcoin, the correction and where it is going next
Bitcoin managed to break through the 60k mark twice - it ran out of steam and the price has had a massive correction and may still go down further. But - when it settles it will have the potential to gain strong momentum to break through into a new higher zone. I read we are only 50% of the way through the recent Bitcoin halving , which is why many analysts are still bullish on 100k mark. After touching the 200 ma (42K) , it is now resting on the 0.38 fib line (45K), and expect it will channel between these two points, maybe a bit further down before moving upwards.
From a macro point of view I believe in what Michael Saymor and many others discuss, that bitcoin is a huge paradigm shift away from normal monetary values, it offers controlled deflation, independence and even salvation to those inside corrupt geopolitical climates. Plus it is a finite amount, meaning it will become more valuable over time.
I have not found a decent comparison of the energy consumption of bitcoin to the current monetary systems as of yet, (let me know if you find on web) but either way, Elon Musk has perhaps done bitcoin a favour by calling out its need for energy efficiency improvement, as now it will coerced into doing so because miners know it needs to happen in order to move forward.
Even if bitcoin price does go down further to 30k, i think we will look back on this point in time 1/3/5 years from now with x4,x10 growth maybe even more.
I am Hodl and try not to look too many times a day :)
My thoughts are my own blah balh ,
Ps. what are ppls thoughts on bitcoins time cycle retreat? Has the pandemic sped up the time predictions or elongated them?
From a macro point of view I believe in what Michael Saymor and many others discuss, that bitcoin is a huge paradigm shift away from normal monetary values, it offers controlled deflation, independence and even salvation to those inside corrupt geopolitical climates. Plus it is a finite amount, meaning it will become more valuable over time.
I have not found a decent comparison of the energy consumption of bitcoin to the current monetary systems as of yet, (let me know if you find on web) but either way, Elon Musk has perhaps done bitcoin a favour by calling out its need for energy efficiency improvement, as now it will coerced into doing so because miners know it needs to happen in order to move forward.
Even if bitcoin price does go down further to 30k, i think we will look back on this point in time 1/3/5 years from now with x4,x10 growth maybe even more.
I am Hodl and try not to look too many times a day :)
My thoughts are my own blah balh ,
Ps. what are ppls thoughts on bitcoins time cycle retreat? Has the pandemic sped up the time predictions or elongated them?