When Bitcoin hit $42,000 it faced a harsh rejection. This rejection knocked it all the way back to the low $30,000 range depending on your exchange. Bitcoin’s resilience though was impressive rapidly bouncing back up to close to $40,000.
Once there though it began to sputter out and range from $34,000 to $39,000. While some might be scared of another pullback because of the inability to push itself higher this range is perfect for Bitcoin.
It is currently condensing in a range that is still much much higher than prior ATH. This is a healthy and optimistic sign for the bull market to continue. Institutions continue to pour in money and wealthy people are beginning to change their tone about Bitcoin.
If I personally had the money to I would be highly intrigued to by back in when it hits the low end of the range. Especially since I am a long term holding and love the idea of using Bitcoin to hedge against inflation it is possible that $34,000 could be a bargain especially if the Biden administration passes the roughly $4 trillion dollars in stimulus and infrastructure spending they are rumored to want to pass!
Like normal these are my beliefs and always do your own research! It will be an interesting week coming up. As I live in Washington DC I have been seeing first hand the riots and other issues taking place. If you are interested in reading about it feel free to check out my Texas Boy in a DC World Blog out!
