Bitcoin is struggling to stay above the $60,000 support. With all the negative news around, fear and bearish sentiment is sweeping the markets. Is this the time to buy more bitcoin?
Armageddon approaching
Apocalyptic predictions abound. The world is on the edge of war; economies are on route to collapse. Armageddon is approaching, and if you still have bitcoin you need to sell it quickly before it loses catastrophic amounts of its value.
This is the kind of sentiment that is pervading the market right now. Bitcoin is just in the process of receiving the last rites before crashing to earth with a bang of thunder, leaving ruin and catastrophe on all sides.
Or, we are in the middle of a very healthy correction that is helping to reset the market ready for the next price surge to the upside. Do markets go straight up? No. Will the markets induce sweaty palms to the nth degree so that most traders and investors give up, capitulate, and sell? Yes.
Bitcoin has lost none of its fundamentals
Fortunes are made in times like these. Bitcoin has not suddenly lost its fundamental raison d’être. It is still the same liferaft that gives everyone the chance to lift themselves out of the morass of decay and corruption that is the fiat-based ponzi scheme of a monetary system we are all obliged to use.
Therefore, as things stand, we are being given further opportunities to buy bitcoin at lower prices. The next bitcoin halving takes place this coming Sunday (in two day’s time). The daily supply will be reduced from 900 BTC to only 450 BTC. There are entities that are buying this amount on their own!
Mr 100 keeps buying
Mr 100 is the name that has been given to the entity that buys bitcoin in amounts of around 100 BTC at a time. Just from last Sunday, through to Tuesday, Mr 100 added another 1,633 BTC to his stockpile. Max Kaiser, the bitcoin entrepreneur, has stated that he believes the wallet may belong to the sovereign State of Abu Dhabi.
Just one entity buying practically all the bitcoin supply, to say nothing of the buying of the Spot Bitcoin ETFs, and all the funds and institutions that are going to buy, a daily supply of 450 BTC is not going to stand a chance. Price will have to go up.
$BTC at strong support, but chance of a lifetime if it breaks
Source: Coingecko/Trading View
The weekly chart shows that $BTC is still holding the very strong support that was built during the formation of the top of the last bull market. If this support should break, a rapid fall to around $51,000 could indeed take place. Would this be an even better buying opportunity? The chance of a lifetime perhaps.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
