What Is Next for Bitcoin: Bullish or Bearish Case?
A great deal of uncertainty in the short term.
|Sylvain Saurel||Jun 19|| 4|
Since the beginning of June, Bitcoin price has been stuck between $9,000 and $10,000. A rapid rise in its price on June 2, 2020 from $9,500 to just over $10,100 had raised hopes that the long-awaited bull market was about to begin.
Unfortunately, Bitcoin’s price fell just as quickly from $10,100 to $9,500 on the same day. A probable manipulation of a few Whales seems to be the most plausible reason for the bull market of June 2, 2020.
Since then, hesitation has remained in the Bitcoin world. Opinions are divided between those who support a future increase, and those who think a big dump is in the offing.
On the side of those in favor of a future increase, the crucial area to test is the $10,500 zone. The $10,000 has been breached and rejected four times since the beginning of the year.
If the $10,500 were to be crossed, Bitcoin would probably go straight to the $12,000. This would be the beginning of the long awaited Bull Market.
On the other hand, proponents of a big dump believe that Bitcoin price could drop to around $6,000, if not lower in the coming weeks.
The critical area is the $8,600 — $8,800 range which was used as a support on two occasions during May when Bitcoin prices fell below $9,000.
If Bitcoin price were to break these supports, there could be a panic of newcomers who would be tempted to sell their newly acquired Bitcoins.
Bitcoiners would use this opportunity to accumulate more Bitcoins as they did on Bitcoin Black Thursday in March 2020. As a reminder, Bitcoin price had fallen rapidly by 50% by that time to $3,800.
If this scenario were to happen again, it would be another unique opportunity to accumulate more Bitcoin for me.
I speak of a unique opportunity, because even if Bitcoin price remains uncertain for the coming weeks, the trend for the next 18 months is still excellent. I still see Bitcoin price reaching $20K by the end of the year 2020, and experiencing the peak of its post-Halving Bull Market in 2021 to reach a value close to $100K.
Again, this is just my feeling.
In the meantime, you should see this calm before a strong movement to come as a unique opportunity to learn more about Bitcoin and the economy in general.
You must never forget that in life it is what you don’t know that costs you a lot of money.
The more you know about Bitcoin, the more you will be able to make the best decisions for your future. This is essential, because no one will take care of your future but you.
As such, I invite you to read several interesting articles that I recently wrote:
One that will take you out of the Bitcoin business and into the stock market. In this article, I explain that the stock market is facing the iceberg illusion right now, and that a big dump is expected in the coming weeks.
Read here: The Stock Market Is Currently Facing the Iceberg Illusion
A second one in which I present you the 4 essential rules to know in order to master money properly. By applying these rules to the letter, you will be able to do better than 99% of people.
Read here: 99% of People Don’t Follow These 4 Money Rules — And That Keeps Them in Poverty
A comparison between Bitcoin skeptics and Climate Change Skeptics. Like the Climate Change Skeptics, Bitcoin skeptics will eventually change their opinion of Bitcoin in the face of evidence. The latter is being brought to light with the economic crisis of 2020.
Read here: Bitcoin Skeptics Are Like Climate Change Skeptics
An article in the form of a question in which I present the role I am seeking to play in Bitcoin’s adoption growth, while asking you what role you want to play on your side. I look forward to reading your answers to this question.
Read here: What Role Do You Play in Bitcoin’s Adoption Growth?
An article based on the fundamentals of Bitcoin in which you will discover, or rediscover, that Bitcoin allows you to free yourself from a totally anachronistic banking system.
Read here: Bitcoin Frees You From a Banking System That Is Totally Anachronistic
These few articles should allow you to deepen your knowledge about Bitcoin, money, and the economy, while waiting for Bitcoin price to really start moving in the coming days or weeks.
Have a good weekend everyone.