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With the recent price correction, I see many people scrambling online for reassurances. I cant blame people for panicking when they see their investments drop 50% in three weeks. I find it interesting when news reporting agencies have outlandish claims from unnamed traders or financial consultants stating that BTC will go to zero or $10,000 USD whereas companies like Goldman Sachs say BTC will go to $100k during 2022. Who is right? Can both be right? Personally, I do not trust any news article that uses anonymous sources or the proverbial "expert" without giving their credentials.
The recent sell-off in BTC, January 2022, is due to several variables. First, Kazakhstan is going through extreme political unrest that resulted in the government killing its internet. Kazakhstan is a major BTC miner location; especially since Chinese miners have been relocating. Second, many whales want to lock in "losses" so they can offset their profits because the US IRS laws are out of the times. Third, the US Fed is panicking that the US will suffer the same inflation that the entire world has gone through. It is absurd to think the US is immune to hyperinflation when it printed 20% of every dollar it has ever printed in the last year. When a political administration cares more about checking off "woke" agendas and not hiring the person with the most merit, the economic system loses faith in the government.
For all of the above reasons, America has a lot to be frightened over and the fear is causing a cryptocurrency sell-off but don't fret. The buyers are still out there and they are just being patient so they can enter at the best price. I know I am.
It is my belief that the cryptocurrency market will skyrocket when people see their fiat currencies loss their value due to inflation, IRS audits for transactions over $600, and the eventual government takeover of private banks that will occur in the next 2-3 years.
Personally, I expect BTC to go to $26,000 and then start a climb upward to the mid-30s while the world sees who decides to start a global war first; China, Russia, or another American red flag operation. The only out for America's hyper inflation is another war. BTC will go to $100k before $10k.
In short, don't panic if you own BTC because it will rebound as it becomes the preferred currency when people to leave their homes and resettle elsewhere. I know all of the reasons why alt coins perform better and overtake BTC's dominance but BTC is the new gold standard for now. Anyone with a slight knowledge of history will be looking into hard wallets, global exchanges that do not report to governments, and cryptocurrencies.
Wishing you a good new year of 2022 and the best of luck. We will all need it.
