39
Being in a over three months long correction looks quite awful for most of the participants, it's like it was supposed to go up, up and up again, but whatever flies has to get down to earth at some point. Bitcoin did the same thing after over half a year of rallying like there's no roof to hit.
It did crack its head after all, but it's not in a coma. Once "it heals" it will be back on the bull again. I know it's frustrating seeing your portfolio losing a few Xs in value, but that's how the market works. It can't go up only.
Personally I believe that by the end of the year we will be way higher in terms of prices, from where we currently are, and we will probably have new ATHs for most of the coins. I don't have a chart to back that up. I do see some trends that I believe will fuel the next big rally in Bitcoin and they're coming mostly from the US.
First of all, I believe that after China kicked miners out of the country, many of them will relocate to the US and once everything settles we will probably have the most hashing power coming from the US and no longer China. Honestly, I prefer knowing that America is the leader by location in mining, rather than China.
There was an interesting piece of news going around lately regarding Tennessee city wanting to accept property tax payments in Bitcoin and there's more to that. I'll crop out of the article the main ideas of the subject so you won't bother reading the whole shit.
Jackson Mayor Scott Conger announced late Thursday that the city’s blockchain task force had launched a study on potential methods to accept property tax payments in Bitcoin in the city. The blockchain group will also explore how to allow employees to dollar-cost average Bitcoin, or purchase smaller amounts of Bitcoin over regular time intervals. Dollar-cost averaging Bitcoin purchases are considered to be the best strategy for accumulating Bitcoin, multiple studies confirmed.
There's already a lot of fuzz lately around the US, inflation and the dollar losing its value. I bet most of the currencies in the world are in that position, but who's there to talk Romania for a world wide public. Mayor of Jackson, Tennessee is aware of the issue and not hiding against inflation, also tweeting on his personal account that he believes Bitcoin can solve that.
Why do we accept inflation? Why don’t we demand more from our federal government?
6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound.
There is only 1 fix for this.. #Bitcoin
OK, so I believe the bull market is not over and probably most of you reading the post are in resonance with my feelings. I have no clue how long the correction will last and how deeper will it go, but I believe we haven't had yet a blow off top. What's the next big thing to fuel another rally?
Quite simple, governmental institutions getting into crypto, employees such as the ones from Jackson Tennessee's mayor house DCAing into Bitcoin, clever guys that have been awoken by the inflation and hedging into Bitcoin finally... and last but not least some large companies such as Tesla announcing "they already hold Bitcoin". Pretty much like Tesla did.
It's not going to be an institutional or a retail rally, but rather a mix of both. That's how I see it. It's going to the next level and quite some fools will be left on the sidelines because they panic sold, believing we're entering a bear market. I haven't been shaken out and at this point even if it goes lower I see no point doing that. If I haven't dumped anything in April, why would I do that now...
YES, THE BULL MARKET'S NOT OVER but the ride is definitely gonna look more like a roller coaster one than your school bus trip, I bet on that.
Thanks for attention,
Adrian
