BTC Weak Hands Selling Due to Dalio - Dip Buying Opportunity
Just a quick macro market update that relates to Ray Dalio's recent comments on BTC that is causing the recent selloff. Much of it is just weak handed retail traders who bought in the last couple weeks who have very little insight and are easily spooked by any news.
Buying BTC and your favorite fundamentally valued coins like LINK right now is another one time gifted opportunity to do so before the coming rebound. Dalio's comments have been taken way out of proportion... especially considering J Powell just spoke earlier today about how BTC is a good substitute for gold. The US gov't has no incentive to ban BTC and the connection Dalio made to gold getting banned in 1929 is apples and oranges. First of all the US was on a quasi gold standard in 1929. Today we are not. There is no threat of BTC getting banned by the US. Had there been, it would have been banned in 2009.
The lowest we go in BTC in this current dip scenario is $51k - do we make it there, maybe, maybe not. I do think tonight will be the lowest we see BTC for many weeks though.
Buying BTC and your favorite fundamentally valued coins like LINK right now is another one time gifted opportunity to do so before the coming rebound. Dalio's comments have been taken way out of proportion... especially considering J Powell just spoke earlier today about how BTC is a good substitute for gold. The US gov't has no incentive to ban BTC and the connection Dalio made to gold getting banned in 1929 is apples and oranges. First of all the US was on a quasi gold standard in 1929. Today we are not. There is no threat of BTC getting banned by the US. Had there been, it would have been banned in 2009.
The lowest we go in BTC in this current dip scenario is $51k - do we make it there, maybe, maybe not. I do think tonight will be the lowest we see BTC for many weeks though.
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Willy Woo showing once again like the dip at $30k, that whales are buying this dip:
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BTC setting up with a big bear trap at these prices... more traders are confident the price will go lower - watch for the trap to be set here before heading higher.