Hope everyone is doing well.
It has been some time since I last wrote about Bitcoin, so I thought I’d give an update.
Obligatory disclaimer: Always do your own research before investing, Cryptocurrencies are highly volatile, I am not an investment advisor.
Long story short: I am hyper bullish on Bitcoin in the medium to long-term.
Here are a few tweets that offer some bullish hopium for Bitcoin’s future price action:
All the while…..
So while technical indicators are highly bullish….the sentiment among the crypto markets is fear.
The Mayer Multiple is currently sitting at 1.22…..”historically accumulating Bitcoin at a Mayer Multiple under 2.4 has been profitable.”
Bitcoin pioneer Hal Finney speculated that Bitcoin could reach $10 million per coin.
Obviously this is just speculation…..but at $10k a coin (after once being worth less than a penny) this speculation should no longer be ignored.
The most bullish thing that could happen in my opinion is Bitcoin losing its correlation with the stock market.
The stock market loves certainty…..and heading into a U.S. presidential election uncertainty is certain. So in the short term what happens with Bitcoin is anyone’s guess.
In the medium to long term though (2021 and beyond)…….
I don’t see any reason Bitcoin can’t reach six figures a coin.