Bitcoin Price fell almost 10% in the last 7 days, and it is currently almost 62% down from its ATH.
But I am still bullish on it, and you should too.
Here’s why-
1. The first bullish signal for a market is mixed sentiments. A legendary investor, John Templeton, once said that bull markets are never born when everyone is optimistic about the future of an asset. Instead, they are born when most people are still doubtful or pessimistic. That’s how market psychology works and It is exactly what is happening in the Crypto market right now.
2. Top traditional finance players are entering Crypto. Fidelity, BlackRock, WisdomTree, Ark Invest, and many more want Bitcoin ETFs. That's a solid proof that Bitcoin is here to rise and shine.
3. New countries are taking crypto seriously. Hong Kong has taken recent steps to emerge as a crypto hub in Asia by starting to accept licenses for trading platforms and exchanges. This move by Hong Kong can be reinforced by China if it gets positive growth. And a new and growing market entering the space is clearly Bullish.
4. The inevitable Bitcoin halving is approaching fast. By design, there can be only 21 million Bitcoins, and over 90% of them have already been released. So the remaining supply cut by half can cause BTC price to rise due to decreased supply and rising demand, providing a rocket fuel for a new bull cycle.
5. The influence of America and its approach to emerging technologies significantly shapes their global adoption. With the upcoming US elections on the horizon and a notable number of candidates endorsing Bitcoin, the potential for heightened political acknowledgment of Bitcoin within the US landscape is promising. This dynamic could foster a renewed sense of assurance among international investors in the realm of digital assets.
Such a convergence of global events is rare and will beat the temporary market downturns in the long run.
That’s my opinion on Bitcoin. What’s yours?
#bitcoin #market #opinion #bullish #economy #investors #crypto #futures #blackrock #entrepreneurship
