Today is the anniversary of May 19.
I saw some people say that it is time to run away on May 19. Does this make sense?
There are two main reasons for the sharp drop in the price of Bitcoin on May 19, 2021.
(1) Bitcoin rose from $3,900 on March 12, 2020 to a peak of $64,000.
There were too many profit-taking orders during the more than ten-fold increase.
It is natural that it will fall after rising too much.
(2) On May 18, 2021, relevant Chinese institutions began to ban cryptocurrencies again.
The three major associations, namely the Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association, issued announcements,
requiring member institutions not to engage in virtual currency transactions and other related financial businesses,
and to warn against the risks of virtual currency transactions.
On May 19 this year, BTC had just ended its washout of around 60,000,
and has only risen by 10% so far. In addition, China has no control over BTC,
so why would it fall?
So there is no basis for saying that there will be a sharp drop on May 19 and you should be smart when investing.
At most, BTC will fall a few points and fluctuate,
which has nothing to do with May 19.
From the data on the chain
(1) Stablecoins have not flowed out of the exchange in large quantities, but have flowed in in the past few days
(2) BTC has flowed out of the exchange in large quantities, but has not flowed in in the past few days
These are all positive
As I have emphasized to everyone in the past few days, if there is no black swan event,
BTC will still break through the $70,000 mark,
and is expected to challenge the previous high.
So buy value coins and hold them patiently.
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