Here are 12 reasons I think the low is in and Bitcoin is going up.
You might disagree with one, two or even five of these reasons. But you can't disagree with them all.
So, let’s get started
1. Bitcoin has been mostly bullish for the last six months. This never happens in a bear market.
2. Despite everything the SEC has thrown at BTC, it only went down a few % and eventually rallied, this indicates seller exhaustion.
3. BTC has rallied in the face of the last few interest rate hikes. This indicates that hikes are priced in and sellers are exhausted.
4. Bad news is having little to no impact anymore, again, seller exhaustion.
5. BTC has never set new lows this close to halving.
6. China is opening up to crypto and there’s a lot of money in the East.
7. EU and UK are implementing fair crypto regulation giving the thumbs up to institutions. This will bring a huge influx of cash into crypto.
8. BlackRock, Fidelity and many other investment funds managing trillions are filing for a Bitcoin ETF.
9. EDX Markets, an exchange backed by Fidelity, Schwab and Citadel has launched in the U.S., these guys wouldn't launch without knowing the SEC will approve.
10. Banks are warning us about a recession. Banks are full of sh*t and are horrible at predicting recessions. Most banks didn't predict 2008 or underestimated it.
11. Institutions are buying. I do not like that they are buying, but they are.
12. Bitcoin is sound money and the U.S. being able to ban it is a myth. It could not work in practice. Bitcoin is decentralised, making it almost impossible to ban and attempts to ban it would face First Amendment challenges arguing code is a form of protected speech.
We might revisit lows but I don't see Bitcoin making new lows.
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