Sirwin
Sirwin

Bitcoin.. So what happens now??

By JenkaJ | Jenkas Crypto Musings | 28 Feb 2024


Everyone who's been around Bitcoin before knows about the halving, and probably knows about the market cycles surrounding the halving.  What a lot of people might not know, is that Bitcoin has NEVER made an All Time High (USD) before the halving!

With around 50 days to go to the next halving and Bitcoin being fueled by the recently approved ETF's in the US, it seems increasingly likely that Bitcoin will break it's ATH of $69k before the halving this time around.

So what does that mean for Bitcoin and the upcoming halving?  No one knows.. and anyone telling you they know for certain is a liar.  This is literally uncharted territory.

My personal opinion is that the US ETF approval WILL have a massive impact on price this cycle, and my plan is to hold until the price hits at least 100k USD.  There are a few things to keep in mind though...

Genesis cleared to sell $1.6 Billion worth of Grayscale shares.  I don't know if they have started selling yet, or how they are planning to sell (gradually or all at once) but obviously this is a lot of selling pressure to absorb once it happens.

Hype merchants keep quoting $500 million net inflows per day for the ETF's, but obviously this is going to slow down at some point.  The ETF's are basically brand new so a lot of funds are jumping in right now, but in a few weeks time there will not be the same amount of funds to keep buying in.

I'm seeing a lot of people saying that 'retail' investors still aren't interested, but there is no way they can know this for certain.  Since the ETF's have been approved in the US 'retail' could be investing in these instead of using 'shady' exchanges to get exposure to Bitcoin.

There are a lot of people out there like me, who started buying at $16k.. at $64k that's a x4, which is a very good profit to take.  I would expect to see a lot more volatility as we head towards ATH instead of the up only we've had, as a lot of people will be taking those profits.

Like I said at the begining though, I am long term bullish on Bitcoin and will be holding until after the halving.

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Jenkas Crypto Musings
Jenkas Crypto Musings

This blog will talk about my thoughts on all things crypto related.

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