From now until the end of the year, BTC will reach the milestone of $100k, after this cycle it will reach $250k, or in 10 years BTC will reach $12 million....
These are the insights I have heard from economists recently. I do not comment on whether they are right or wrong, because in this crazy market, there are only things we do not think of; nothing is impossible.
From those observations, do you see that the crypto market in general or BTC in particular is increasingly receiving attention from the big players in finance, politicians, or large companies around the globe? Crypto or BTC has now ceased to be a market where small retail investors like us hold the game. Previously, the 'whales' we referred to in this market were merely those who held a lot of BTC, and their price manipulation actions went unnoticed because this market was too small. No matter how much it danced, it had no impact on the world outside. At most, it would just amaze people a little.
However, have you noticed that recently when we talk about crypto or BTC, we are referring to companies on Wall Street, these big players, those nations supporting or discussing crypto? In fact, crypto or BTC is even becoming a campaign policy for the U.S. presidential election.
I have been rambling on to help you understand that the current crypto market is no longer simply 'virtual currency' as we used to know. It has become a part of the global 'economic - political - social' framework. It affects the interests of very, very, very many people. Therefore, it cannot move freely like before; it has been and is gradually being constrained like other global financial assets.
Leading to this point because recently many have been wondering why it’s not increasing or decreasing? The pattern is very beautiful, why isn’t it soaring? If it drops, wouldn’t there immediately be buying power absorbing it back to the old price range?
Simply because there are only 10 days left until we know the results of the U.S. presidential election. An event that the entire global financial system is closely watching. The movement of any asset up or down at this moment is very difficult; at most, it might drop for a few sessions to scare everyone into selling off their holdings, but they will still wait for the election results.
Any event that arises currently serves as an excuse to influence the election, and whoever wins, their decisions and policies will greatly affect the world. That’s why we see the financial market may slightly decrease or go sideways next week waiting for the election results.
So what do we need to do?
Regardless of who becomes president, the pumping and printing of money is a certainty. Therefore, asset prices increasing will also be inevitable. At this time, I will sit quietly with 70% holdings and 30% cash. If the result is good, I will buy fully and then turn off the app. If the result is bad and there’s a drop, I will wait for confirmation of the bottom and then buy fully and also turn off the app.
That is my personal approach; what about you? What will you do next week? Sell everything and wait to buy back or be fully stocked and wait for 'to the moon'? This varies from person to person; I can only wish you success with your choices.
P/s: Next week may be harsh, prices are continuously moving to both kill long and short positions, and to shake out holdings. So if you have long or short positions, be very cautious. As for me, I am not engaging in any long or short positions at this time. Below are the weekly and monthly candles of BTC; you can see they are still very beautiful and nothing has changed even though many are panicking because it dropped a few thousand in price, right?
