Another weekend in May is here, and so is another dip in Bitcoin. I’ve added some more sats to my purse here around $34,000. Nothing meaningful, as I am just a humble man out here trying to stack sats on every dip. Some make the mistake of selling Bitcoin, I don’t have that problem. Well, I did one time, but I never made the mistake again.
If we do indeed see some panic selling this weekend, and retest the former lows at $30,000, I believe it will only be for a brief minute. Once stops are triggered from “capitulation weekend”, more coins will likely be accumulated by long term holders. I’m sure market makers are eying those stops as I type, liking their chops to steal more coins, but it won’t be mine.
Caution is warranted however, there are some thin air pockets below $30,000, that could retrace us back to $20,000, the previous bull market highs. If that ever happens though, I’ll be selling my F-150 to acquire more sats.
— Documenting Bitcoin 📄 (@DocumentingBTC) May 29, 2021
As you can see from the chart above, the previous cycle gave pause at this very same time, only to catapult us to fresh all-time highs in the 2017 bull cycle. If you go on YouTube or even CT, which stands for Crypto Twitter, you will see outlandish bitcoin price targets of 300-500K before this bull cycle ends in early 2022. While, I do see Bitcoin reaching the same market cap as gold, it just might not be until 2035, the year 99% of all bitcoin mining is complete.
Happy Memorial Day weekend HOLDers! Let’s get it.
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Happy Memorial Day Weekend! Let’s get it. pic.twitter.com/qWZQLB732p
— Captain Nasdaq (Sellout) (@CaptainNasdaq) May 29, 2021