BTCwriter: 57K - Bitcoin's Next Milestone
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BTCwriter: 57K - Bitcoin's Next Milestone

By Thomas Wolf | Thomas Wolf's Den | 17 Feb 2021


Bitcoin kissed the heavens when the mid-market price touched $57,500 this morning - 02/20/2021.

“Continuos effort―not strength or intelligence―is the key to unlocking our potential.” Winston Churchill

Earlier this week, it was apparent Bitcoin would top this new ATH (All-Time High) over $50,000 just from watching buy orders come in hot and stacked in depth charts with little resistance, and seeing people pair-trade UNI in a pump to BTC.  It hit 49.9K before I hit my bed a few nights back, and it didn’t take any form of market analysis to know this day was coming.  I believe it is only getting started, and a few days later, that is only affirmed.

The news that Elon Musk invested 1.5 billion dollars in Bitcoin (BTC), and more importantly - he endorsed it has been painted on every crypto news site around.  From a common-sense perspective, the wealthiest man in the world just pulled a Dogecoin whale move on Bitcoin, and why shouldn’t the price continue to soar; Tesla pumps their own stocks through the COVID-19 pandemic, and SpaceX is far from suffering.  Bitcoin has passed Facebook and Tesla in market-cap.

Bitcoin is currently idling around $57,375 USD, and may face a slight drop for those looking to buy in low; I know I did when I was sure to buy Bitcoin well below this price.  Sorry to those waiting for a massive retrace; this is likely Bitcoin’s new low; it’s only 6:35 AM Central Time Zone on a Saturday - the bulls are still showing up.

As one of my fellow Cryptowriter’s Marco Gonzalez showed me, Girl Gone Crypto was quick to point out that Bitcoin is reaching a 1 trillion dollar market cap “the moment it hits $53,680 a coin”, which is, in itself, news of another all-time high that is very significant.  Both the price and volume are rapidly expanding, with the market cap currently at $1,060,958,975,674 USD!  Gemini is even pushing Brave ads to get started in investing Bitcoin with as little as five dollars, a common strategy I’ve seen with stock marketing for fractional shares to onboard everyday people as low-level investors.

Bitcoin has gone mainstream.  Ethereum (ETH) continues to suffer its upward battles due to outrageous gas fees.  Bitcoin tx (transaction) fees have risen but are still nowhere near as bad as the #2 coin’s Achilles heel.  I had a root canal done yesterday, paid for in crypto earnings out of pocket, and my endodontist had already dipped his toes in the market, which is always a pleasant surprise in a small suburban Wisconsin community.  Clearly, crypto has some reach.

What’s the next ATH?  I reserved this PSA (Public Service Announcement) for Sylvain Saurel, and his response was, “I’ll wait for 100K” with a smile - the man knows what is up.  People keep saying the sky is the limit, but now I am thinking, “what is the total volume of all currencies on Earth?”  While I am an advocate of other currencies for everyday transactions, Bitcoin has proved itself as an excellent “storage” for value, and the correlation of these pumps has brought massive fluctuations, mostly for the better in the altcoin market.

A few months ago, I was growing sick of all-time high articles on price (25K for Christmas, 50K+ by mid-February), so I would like this message to reach you in another respect.  Bitcoin isn’t just crushing price and volume, social support has never been more significant, and that last one is vital to success.  Tread carefully, as this monster is still a highly volatile one.  Still, it is highly implausible that investing in something with this much momentum behind it will result in disappointment with a little patience.

My input is to get in while you still can - ideally in a daily drop, although this is not financial advice; take risks at your discretion, peril, and profit.  Any Bitcoin bought inherently pushes the altcoin market, and at any point, Bitcoin may see exponential gains - again!  It is clear that the FOMO (Fear of Missing Out) is stomping out the FUD (Fear, Uncertainty & Doubt) in the market, and it has created a snowball effect.

If Elon Musk is taking Bitcoin to Mars, it appears we have lift-off!

As always, comments, suggestions, and friendly debates are highly encouraged.

Stay smart & Stay safe.

-Thomas Wolf

Cryptowriter is conducting podcasts that can be found on YouTube, Spotify, Anchor, PocketCasts, and more to come.

DISCLAIMER

I am not a certified financial, tax, or legal advisor, analyst, or planner.  The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes.  Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.


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Thomas Wolf
Thomas Wolf

I am a cryptocurrency & blockchain technology advocate, a STEM student, a self-taught techie, a nature enthusiast, a survivalist, a DIY specialist, and I'm a little crazy at times - in a good way.


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