From roughly January 5th till Jan 19th Bitcoin was moving in a consolidation type phase staying in the range of $43k to $41k and even on the 20th, the price was still above the $40k mark. However, January 21st, now being called Black Friday by some people, marked a new era for Bitcoin. As it fell below $40k people across the finance world were quick to point out the negatives associated with crypto.

Being the largest crypto and the one that people tend to base the health of the market on the crypto market sunk like a rock with this fall. Too many people, $40k was a physiological barrier that once broken triggered panic. Altcoins of all shapes, sizes, and forms sunk with the market, and Bitcoin and Ethereum were both down over 10% at one point. 2021 was a year unlike any other yet as the adaptation was really seeming to kick off. For once, companies and governments were finally accepting Bitcoin and other cryptos overall. Yes, some pushed back but overall the asset class made huge strides forward and many new people joined in.

That I think is part of the problem with this panic. Historically when looking at Bitcoin and the ways it pulls back from its record highs well this is something that should have been expected. Bitcoin is known for its crazy cycles and losing 50-80% of its value during the pullbacks. Eventually, this will be something I expect will be shaken out of the asset however it really is not a mature asset yet so we have this volatility. Those of us who remember the last cycle know it could fall further still I have talked to friends that said they think it could fall to $32k before the next bull cycle and I do not really have much of an opinion on exactly how far or if it will bounce up from here. 

What I will say is this is a price range where since I am planning on HODLing for a long time I find this price very attractive. As such I have been using my Fold card more often for more BTC back with each purchase. Today I bought a $50 gift card and got back over 10,000 sats or roughly 7% of the cost. Just a few weeks ago when I bought a $50 gift card that also gave me 7% back I only received a little over 8,000 sats so the movement downwards has been significant. I even might actually buy some BTC as well with my DAI. I have avoided doing this so far sticking instead to different Alts I liked like Tezos but this price is really getting to the point of being too good to pass up in my eyes. 

I don't plan on spending a ton but throwing a couple of hundred bucks at it and moving it to my Hodlernaut account to further grow. While they are getting ready to reduce their rates in Feb. this is something that they let us know over a week ago allowing people to plan accordingly. Their platform is simplistic and easy to use while also having a ton of safety built into their loans. Here's to a better week this week in crypto though! It's a little tough out their right now!

Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

Robinhood

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