Bitcoin Undervalued (Don't Get Use To These Prices)
We go up like and escalator but come down like an elevator. That's Bitcoin... We are slowly but surely grinding our way to the upside above the 200 day moving average and out of this support and resistance channel between $32,000 - $40,000. We recently got rejected at $41,000 but that's ok! A retest and bounce off between $35,000 - $38,000 is a healthy sign. We have been closing with higher weekly candles since the Elon Musk induced market crash a month later.
Fundamentally I personally do not believe we will head back below $30,000. I think that's an overly bearish scenario since the majority of the heavy sell off already happened May 17th. We've remained over $30,000 despite the "Russian" ransomware attacks, antagonizing Elon Musk tweets, and Donald Trumps Bitcoin scam comments. But coming back down to the lower $30k levels is always possible. My target for when we will be steadily back above a solid $40,000 Bitcoin and out of the support & resistance channel is by the end of August if we keep this trend going.
Remember what doesn't kill Bitcoin only makes it stronger. Bitcoin became legal tender for an entire country for the first time in history this month. I'm inclined to believe that by the end of the decade El Salvador will not be the only country to accept Bitcoin as legal tender. It is also only a matter of time before over 80% of all Bitcoin mining will be done using 100% "clean green" renewable energy.
We will not be at these low Bitcoin prices for too long. Now is your chance to add to your Bitcoin positions if you haven't. I use to tell my friends and family Bitcoin under $10,000 is a steal a year ago. Now I'm saying Bitcoin under $50,000 is a steal. Don't miss this accumulation phase and don't let the hyper volatility get the best of your emotions. It goes both ways. Bitcoin was the strongest asset class to hold from 2010 -2020 and Bitcoin will remain the strongest asset to hold from 2020 - 2030. Why? More people and capital comes into the network over time than goes out year after year.
As always much peace, love, health, and wealth. If you believe in economic freedom, peace, and integrity then you believe in Bitcoin. We will not be trading at these prices or be below the 200 day moving average for too much longer.
Fundamentally I personally do not believe we will head back below $30,000. I think that's an overly bearish scenario since the majority of the heavy sell off already happened May 17th. We've remained over $30,000 despite the "Russian" ransomware attacks, antagonizing Elon Musk tweets, and Donald Trumps Bitcoin scam comments. But coming back down to the lower $30k levels is always possible. My target for when we will be steadily back above a solid $40,000 Bitcoin and out of the support & resistance channel is by the end of August if we keep this trend going.
Remember what doesn't kill Bitcoin only makes it stronger. Bitcoin became legal tender for an entire country for the first time in history this month. I'm inclined to believe that by the end of the decade El Salvador will not be the only country to accept Bitcoin as legal tender. It is also only a matter of time before over 80% of all Bitcoin mining will be done using 100% "clean green" renewable energy.
We will not be at these low Bitcoin prices for too long. Now is your chance to add to your Bitcoin positions if you haven't. I use to tell my friends and family Bitcoin under $10,000 is a steal a year ago. Now I'm saying Bitcoin under $50,000 is a steal. Don't miss this accumulation phase and don't let the hyper volatility get the best of your emotions. It goes both ways. Bitcoin was the strongest asset class to hold from 2010 -2020 and Bitcoin will remain the strongest asset to hold from 2020 - 2030. Why? More people and capital comes into the network over time than goes out year after year.
As always much peace, love, health, and wealth. If you believe in economic freedom, peace, and integrity then you believe in Bitcoin. We will not be trading at these prices or be below the 200 day moving average for too much longer.