Bitcoin To $38,000?
This is the prediction of MIke Novogratz. He believes we will see a big pullback in BTC from here.
In this video I discuss the idea of buying the dip and how HODLers of Bitcoin tend to do very well. It is all a matter of perspective.
▶️ 3Speak
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It’s a possibility of stocks decline. Stocks held up better than I expected today so we will see if crypto picks up.
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It could be a risk off move. I think cryptocurrency and stocks will still follow each other to a degree. They are riskon trades.
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Check out the last post from @hivebuzz:
ive learned to not grab a falling knife.
just wait for the sideways crabwalk to buy back in.
this market has zero momentum.
I stepped in with my hands open. Bought a bit.
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Indeed I saw that.
Good lucks!
I hedged into BUSD/CUB and LEO to get them airdrops and such.
You got plenty of LEO though :D
The fact that 18 mil BTC have already been mined is probably the main reason why BTC is not repeating the pattern of the market in 2018. I also believe this year some alts are going to decouple from Bitcoin's performance. Probably not all of them, but some will. LINK for example has performed very well during the past bear market.
Could be. Although the pullback from the high is pretty large and no signs of being done.
This is a rather large move down no matter how we look at it.
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Personally I was waiting for Bitcoin and my other favorite, Litecoin, to bottom out around the end of January. So basically I’m targeting my buying for around late January or early February. Unfortunately, a short term financial situation has forced a restructuring of my crypto strategies. Hopefully I’ll be positioned to reinvest just before everything starts to increase.
Why are you so optimistic about Litecoin?
I am curious. I have some of that too.
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Its kinda like bitcoins little brother IMO, only a ton cheaper. Its legendary and OG, the time its spent surviving as a currency is testament. It is only currency too so its never going to not deliver on it promises. Since Charlie lee sold his stack and distanced himself from it its decentralised enough and been around for long enough. The mining side of it also supports its value since its scarce and not far from satoshis genius POW economic model. Big money will only touch crypto that is big in market cap sn survived long enough to prove itself. This is why Paypal have a few cryptos and lite coin is one of them. This game is all about branding and basically human phycology.
Litecoins biggest problem is other coins stealing its lunch which is why it has not been seen as performing like it could or should. What can be said though is many of these coins will dissapear after there day in the sun and lite coin will just be lite coin and still around. In 20 years who know where it will be in terms of position but i think compared to many it will do well, enough.
No technical or financial reason really. Just the fact that I can usually buy a full (or nearly full) coin. Compared to Bitcoin or Eth. I also believe that as Bitcoin rises, they all rise - so I’m hoping I’ll be able to make back the amount of Hive I’m cashing out now by getting back into Litecoin.
Summary:
In this video, Task discusses the possibility of Bitcoin dropping to $38,000 as predicted by Mike Novogratz. He emphasizes that this potential dip is not a cause for concern but an opportunity to buy the dip. Task highlights the increasing institutional interest in Bitcoin, with corporations beginning to include it on their balance sheets. He speculates on the future involvement of mega tech companies like Apple, Amazon, Microsoft, Facebook, and Google in the Bitcoin space. Task delves into the concept of Bitcoin as a store of value and collateralizing mechanism, foreseeing a significant rise in Bitcoin's value in the second half of the decade. He advises long-term hodling as a strategy to capitalize on Bitcoin's growth over time.
Detailed Article:
Task starts the video by discussing the likelihood of Bitcoin dropping to $38,000, a prediction made by Mike Novogratz. He acknowledges the volatility of Bitcoin but assures viewers that such fluctuations present an opportunity to 'buy the dip' instead of a cause for alarm. He believes that smart investors will take advantage of this situation to accumulate more Bitcoin or other favorite tokens that have experienced price declines.
The conversation shifts to institutional interest in Bitcoin, noting that corporations are beginning to add Bitcoin to their balance sheets. Task anticipates larger companies, especially tech giants like Apple, Amazon, Microsoft, Facebook, and Google, entering the Bitcoin space in 2022. He mentions the potential market cap increase if these companies decide to invest in Bitcoin, underlining the limited supply of Bitcoin due to entities like Novogratz and El Salvador acquiring significant amounts.
Task explains the concept of Bitcoin's market cap and the diminishing availability of Bitcoin due to lost or locked coins. He highlights the growing recognition of Bitcoin as a store of value despite recent price fluctuations. Additionally, he speculates on Bitcoin's future value, projecting a significant increase by 2026 or 2027.
The video touches on the importance of understanding why one is buying Bitcoin, emphasizing the distinction between trading for short-term gains and investing based on belief in the long-term potential of Bitcoin. Task encourages viewers to look at the bigger picture and consider hodling as a strategy, drawing parallels to the success of early Bitcoin adopters who held onto their investments despite market fluctuations.
In conclusion, Task indicates his intention to add more Bitcoin to his holdings given the unexpected price level, inviting viewers to share their thoughts on potentially increasing their Bitcoin holdings. The video wraps up with Task expressing his optimism regarding Bitcoin's future and bidding farewell until the next update.