Institutional investors are just taking all the supply. What would normally be corrections in the past have just ended up being 1-3 day bear traps, like at $14k, $16k, $17k, $22k a couple times.
At this point I think it might not even ever go below $20k again
Ah, that feeling that price can't possibly go down.
From what I'm reading from various sources there is a long line of institutional investors waiting to get in on Bitcoin through probably mostly GBTC but also stuff like the new SkyBridge fund and so on. Plus there's a couple large 9 digit buys I've read about coming up probably in the next month from companies or investment firms that have already stated their intention.
Source?
Funds don't
usually talk about stuff like this until after they've bought. One River and Ruffer LLP bought in the fall. Microstrategy already spent all the cash they raised recently. Are there others I'm not thinking of?
We're finally at the point where there just literally isn't enough Bitcoin to go around, and not because of a temporary FOMO main street frenzy, but just simply because the institutional class of investors is finally realizing they need to own Bitcoin and the sooner they buy the better, and they have just barely starting to come into the market.
Yep, but don't assume that means there won't be deep corrections along the way.
my problem is all the BTC the majority of which was under $500 USD probably...so 15% cap gains and 10% state tax I'm pretty much maxed out as it all being cap gain taxed at
this point...also, timing when it will go down at least say 30% on a correction so I can buy back in real gains $$$/or BTC wise of 5%..naw....I'm not that good...so I just HODL
like it is ranchland in the 1960's next to Las Vegas...the 'relatives' and such can get this BTC/Crypto fairy dust/internet/fantasy/unicorn rainbow fart money someday and
blow it...I have traditional investments so I'm fine and next year soc sec of another 1.5k per month ...plus the 3 years early retirement do to bitcoin/crypto
so consider it a wash... I'll likely just let it ride wtf
as to the correction..oh yeah, BTC/Crypto will correct...it really likes 30-35% corrections with the occasional 75% slap down just to be spiteful...
so it is true...more than just GrayScale BTC and LTC funds are needed to float this boat up to 50K BTC.....we just have to wait and see if MORE institutional type
investments dive in and give this pump a floor of say $20k and next year a floor of say $50k etc..but other big players have to FOMO and hodler's have to hodl
and he common man also jumps in this fomo pool..or maybe 26k is the ATH for the next couple of years. But if the bubble pops at 50k and dumps 50% to 25k
I don't think I'll be crying much (knock wood)
In my own view it is possible that 'everyone' will have some real 'adulting' going on this winter of the pandemic when they see how messed up the Trump Admin
and the pandemic and the recession etc all made things a mess..I expect a 30-35% correction on frigging everything as people close in..I sure don't see a normal
70% consumer spending rate through the winter and they are printing $$$ like nuts....so that means the usual traditional investments that use bonds to
compensate say through a 5-7 year recession if we had one won't cut it...thus bitcoin..but even bitcoin will get hit by this I think...people may want to buy
BTC ..but with a job loss and pandemic, you may not have enough extra $$$ to do so ..even as a play with some as a BTC dust play...I know the feeling
so the 'big suck' may come this winter until summer and the pandemic is licked and maybe folk have some hope for change..hell BTC may do just fine
in all this drama..I'm just saying 12k BTC again would not I feel likely, but I'd hardly be shocked.
All pretty heady stuff for a guy who mined his first BTC on October 18th, 2013 at $150 USD (I checked that day).....but hey, the last 7 years have been
more than interesting indeed. So again, the bubble will pop to 30-50 and maybe 75 percent down...myself,,, I would have bet 18k to 12k ..now I'm utterly clueless
an't this 'pucker' factor just loads of fun for when the shoe drops! (not!)
Brad
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