Bitcoin is up 100% from last year's low, has the Bull Market/Run arrived or would there be another major dip/drop?
Bitcoin is up 100% from last year's low, has the Bull Market/Run arrived or would there be another major dip/drop?
Last year, after Sam Bankman-Fried (SBF) misused and over-leveraged investor's money and got caught, which led to FTX and its native FTT crash, the company's native token crashing almost to zero and FTX filing for Chapter 11 bankruptcy had a huge impact on the crypto market which dragged the price of Bitcoin down to $15.5k level, and at that point a lot of people especially the likes of Warren Buffet, Peter Schift, other crypto haters, non-coiners and lastly bears where expecting that the price of Bitcoin would keep on dipping but Bitcoin as usual reversed and surprised all of them with the pump to $30k plus within few months.
Bitcoin pumped hard and touched $31k about four or five days ago but we are not out of the woods yet because it dropped back to $29k, although it is back above $30k at the moment but the previous pump momentum is no longer there. Everyone who bought Bitcoin at rock bottom or last year's low at $15.5k level is now up over 90% to 100% in profit on their trades and laughing all the way to the bank for those that have sold, while those that shorted Bitcoin at $15.5k hoping for the price of Bitcoin to dip to $10k and below got rekted.
Some people believe that this Bitcoin pump to $31k before it dipped back down is a trap but I don't think it is a trap or think that we are already in a Bull market or run already but I believe we are right on our way there though if Bitcoin continues to pump with good momentum, then we can boldly say we have entered the Bull market until then I am indifferent because we could see more pumps or dips, traders are making money from the current volatility of the market, however, holders or hodlers are not bothered because they know that there will be another all-time high one day and they will be in massive profit at the time.
Bitcoin works and Patience is Key.
PLEASE FOLLOW ME ON:
Discord: onwugbenuvictor#3447
Twitter: @VictorOnwugbenu
Posted Using LeoFinance Beta
https://twitter.com/793195419815841792/status/1648559014274293761
The rewards earned on this comment will go directly to the people( @onwugbenuvictor ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
https://leofinance.io/threads/@onwugbenuvictor/re-leothreads-2ccruv
The rewards earned on this comment will go directly to the people ( onwugbenuvictor ) sharing the post on LeoThreads,LikeTu,dBuzz.
I think with America crapping out and all the economic instability we will see the rise of cryptocurrency and other commodities...
Most definitely buddy
Absolutely do as much as we can to accumulate while we can!
Thanks for the comment and have an amazing day.
Have a lovely day and thanks for stopping by.
Thanks for your interesting blog post about how Bitcoin's price has changed recently and the possibility of a Bull market. I agree that the cryptocurrency market is very unstable and that it's hard to know for sure how Bitcoin and other cryptocurrencies will move in the future. Even though people who Hodle Bitcoin don't mind much when the market goes up and down, traders can make money from the market's current volatility. Many investors might be tempted to trade based on how the market moves in the short term.
Thanks for reading and am glad you could relate to it, short term trading requires skill.
No matter what happens in the short term does not mean anything. Time is the key to success with Bitcoin...
I agree with that, short trades have a lot of noise to it.