In case you missed it, after Bitcoin reached about $19,200 a week ago, it crashed 15% to $16,500 on the U.S. Thanksgiving holiday. I tried to pick up some quick $GBTC on Friday, but alas was blocked from purchasing “cryptocurrency stocks” by my bank (Chase), which is puzzling and conspiracy-inspiring…
Bitcoin has recovered quickly since then, hitting all-time highs of $19,800 last night. But this morning it has hit resistance yet again, falling to $19,000 at the time of writing. Bitcoin seems to be consolidating for now.
If I had to take a guess (because predicting short-term price movement is always a guess) I believe the consolidation at all-time highs is a good sign for this bull market, and that if Bitcoin can break the $20,000 mark, we’ll see materially higher prices during this cycle opening up the possibility of $30,000 to $50,000 Bitcoin. But again, no one actually knows.
Other than staying informed in the conversation, we shouldn’t get too ecstatic or depressed about volatile moves up or down. I believe Bitcoin is an asset to hold without selling for at least 7-10 years and the thesis is that it will continue to take market share from gold as an unmanipulated store of value and potentially global currencies as value transfer.