Bitcoin is struggling to stay above the $60,000 support level. Amid all the negative news, fear and bearish sentiment are sweeping the markets. Is now the time to buy more Bitcoin?
Armageddon is coming
Apocalyptic predictions abound. The world is on the brink of war. The economy is collapsing. Armageddon is coming. If you still hold Bitcoin, you should sell it quickly before it loses a huge amount of value.
This is the kind of sentiment that is prevalent in the market right now. Bitcoin is in the process of performing its last rites before crashing down to Earth with a thunderclap, leaving behind destruction and disaster everywhere.
Alternatively, we are in the midst of a very healthy correction that could help reset the market for the next price spike. Will the market rise immediately? no. Will the market make most traders and investors sweat into giving up, surrendering and selling? yes.
Bitcoin has not lost any of its fundamental principles.
Luck is created at times like these. Bitcoin has not suddenly lost its fundamental reason for existence. It is still the same lifeboat that gives everyone the opportunity to pull themselves up out of the swamp of corruption and corruption that is the fiat-backed Ponzi scheme of the monetary system we all have to use.
Therefore, in the current situation, there are more opportunities to purchase Bitcoin at lower prices. The next Bitcoin halving takes place this Saturday (two days later). Daily supply will be reduced from 900 BTC to 450 BTC. There are people who purchase this amount directly!
Mr 100 keeps buying
Mr 100 is the name given to companies that purchase Bitcoin in amounts of approximately 100 BTC at a time. From last Sunday to Tuesday, Mr 100 added 1,633 BTC to his reserves. Bitcoin entrepreneur Max Kaiser has said he believes the wallet may belong to the sovereign state of Abu Dhabi.
In reality, a single entity purchasing all of the Bitcoin supply is unlikely, with a daily supply of 450 BTC, not to mention Spot Bitcoin ETF purchases and all the funds and institutions that will purchase. Prices will have to go up.
$BTC has strong support, but if it breaks, it will be the opportunity of a lifetime.
Source: CoinGecko/TradingView
The weekly chart shows that $BTC still maintains very strong support established during the peak of the last bull market. If this support breaks, we could actually see a plunge to around $51,000. Wouldn’t this be a better buying opportunity? Perhaps this is a once-in-a-lifetime opportunity.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.