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.
#Bitcoin today vs 2017 price. 📈 pic.twitter.com/eFvypgHy4I
— 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.
If you enjoy the content at iBankCoin, please follow us on TwitterHappy Memorial Day Weekend! Let’s get it. pic.twitter.com/qWZQLB732p
— Captain Nasdaq (Sellout) (@CaptainNasdaq) May 29, 2021
