61
After a day on November 10, 2021, which once again highlighted the advantages of being a Bitcoin HODLer rather than a Bitcoin Trader, the price of Bitcoin is in a consolidation phase. Its price has even fallen below $64K as I write this.
Some people seem to be asking questions and the market is letting go of the extreme greed, which is not a bad thing for the future. Although this will only be very temporary.
It's funny how feelings at the same price can be different in about 10 days. In early November 2021, when the price of Bitcoin was $64K, everyone was talking about one thing: $100K by the end of the year. Now that the price of Bitcoin has dropped from $69K to $63.9K, everyone is talking about a Bear Market.
Rest assured, we are far from a Bear Market. These consolidation phases are very healthy in the rise of the Bitcoin price. It takes time for the market to blow over before a new wave of bullish impulse takes place every time.
The FUD is still coming from China. It only affects the short-term price of Bitcoin
By the way, I would like to draw your attention to the reasons that led to this pullback from $69K to $63K in a few hours: the FUD. As always, it is FUD that causes these corrections. To take full advantage of Bitcoin, you'll have to learn to control your FOMO or FUD emotions. For me, there are 6 golden rules to apply. You must master them and follow them to the letter. This will protect you from these market periods.
Since the beginning of the year we have had 3 major periods where FUD has acted in full:
Each time, you will notice that the FUD comes from China. At the beginning of May 2021, the price of Bitcoin fell by almost $30K in a few days after China announced that it was banning Bitcoin mining from its territory
At the time, I explained that it would be very Bullish for Bitcoin to free itself from the concentration of Bitcoin mining in China. We have seen a great EXODUS of Bitcoin mining from China to North America since then. And today, America is at the forefront of Bitcoin mining. The price of Bitcoin has risen as a result. Bitcoin does not need China to be a success.
In early September 2021, just after Bitcoin became the official currency in El Salvador, China announced that it would ban Bitcoin from its territory. Possession of Bitcoin, not just mining. This was not the first time China banned Bitcoin and cryptocurrencies, but this FUD spooked investors into selling at a loss. The Evergrande case, seen by some as a potential Chinese Lehman Brothers, was then added to the FUD.
The price of Bitcoin plunged by just over $13K in a few days.
Again, the price of Bitcoin recovered, and the uptrend did not falter as all on-chain data already points to the beginning of summer 2021. The price of Bitcoin has beaten its ATH several times over, reaching almost $69K on November 10, 2021, following the announcement that inflation in America will explode to 6.2% in October 2021. A first since 1990 ...
In the wake of this, a FUD rumor comes out of China suggesting that Evergrande may go bankrupt due to a default. The price of Bitcoin plummets by more than $6K in a few hours. However, the rumor turned out to be false, as it always does.
If you leave the FUD aside, you will see that the $75K-$80K area remains more than ever the target for the Bitcoin price at the end of November 2021
So you should notice that the attacks are still coming from China and do not change what is expected for the price of Bitcoin by the end of 2021. Right now, it's the same thing. The Bitcoin price is around $64K, but this is only a temporary consolidation for the Bitcoin price to take off from November 14, 2021, when the decision on VanEck's spot market-based ETF is made by the SEC.
In the wake of this, the Taproot upgrade will also take place for the Bitcoin system. The biggest upgrade in four years will answer the doubts of those who think Bitcoin is not evolving. Bitcoin is evolving, but at its own pace, to ensure that no bugs are introduced into a system that protects more than $1.2 trillion worth of users from the flaws of the current system.
Any bug would be catastrophic, which is why the Bitcoin system is moving forward at this pace. For the good of the many, but also the good of the Bitcoin revolution.
The $75K-$80K area remains the target more than ever by the end of November 2021. The best strategy at the moment is to HODL Bitcoin no matter what. It may also be appropriate to take advantage of this type of dip to accumulate more BTC depending on your financial means.
As always, it’s up to you to decide what’s best for you. In the meantime, one thing to remember: stay strong, stay a Bitcoin HODLer.
In Bitcoin We Trust Newsletter: Everything around Bitcoin, Blockchain, and the cryptocurrency market
