The Bitcoin Blues...
No, it isn't Three Tune Tuesday and sadly this isn't the name of a new bad police television series. It seems to be the new reality for cryptocurrency as a new bear cycle seems to be slowly strangling the price of Bitcoin. As the bear sinks those teeth in deeper the farther down the charts we go... Yes, it is the Bitcoin blues...
I remember back in October of last year we were all getting excited to watch BTC punch past $130,000. But then the correction arrived and things haven't been quite so rosy ever since. Does that mean it's the end for the grandfather of cryptocurrency? Far from it! However, I think the bottom of the spiral is still some ways off. We may even drop below the dreaded $60,000 barrier.
BTC over last 24 hours from coingecko.com
And now let's look at the last year of Bitcoin prices:
Coingecko.com
Those floor drops are always depressing, and boy today's was rough. It's also dragging down the price of most other crypto including Hive which is of concern to all of us. What happens to Hive if Bitcoin does tank below $60,000? A nickel or worse may be in the future very soon if that happens... What's worse is all of our other cryptocurrency values will drop as well.
I am optimistic in the long term still, but I think a crypto winter may be kicking in and it may be very cold, not to mention very long.
Precious Metals
Now for some good news, at least for those of us who invest in precious metals. After last week's price disastrously plummeted due to an anticipated correction, it looks like we are beginning to see the beginning of a new price pump. It means all of the profit takers have exited their positions and the squeamish have all sold out. The question now will be how high will prices climb?
Right now they are climbing at a more reasonable rate than we were previously seeing. No massive twenty dollar daily climbs in silver which was unsustainable. There is still a very real shortage problem, and that will keep prices high in the long term. The big question is where will they settle down? I still see some "experts" that feel $150 is a realistic target for this year. I'll believe it when I see it personally, as the correction was so big it may have scared off some casual investors.
Kitco.com, silver over the last five days
You can see the steady climb starting again. I'm much more optimistic here than in crypto at the moment...
Now onto gold over the last five days:
Kitco.com
After the precipitous drop we can see the recovery taking place. It looks that gold will hang onto at least $5,000 per Troy ounce for the near future. There may even be some pushes testing some new upper limits up to$5,200 or $5,300. The next few days will be interesting! Again I'm bullish on gold just like silver.
I think it's wise for everyone to hold some precious metals as they will always have value no matter what happens. The world is a mess and not getting any less complicated. Best to plan ahead and be prepared!
I do hope the Bitcoin blues soon give way to some more sunny days in the near future. But I'm not going to be holding my breath on that one quite yet. But I do like seeing the precious metals recover as I have invested in them since I was very young. It's been an exciting year in that arena, and hopefully this year won't disappoint either.
Please feel free to leave any comments or questions below, and thank you for all of your support. I really do deeply appreciate it! Happy hump day everyone!
References:
https://www.coingecko.com/en/coins/bitcoin
https://www.kitco.com/charts/gold
https://www.kitco.com/charts/silver
Disclaimer
I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!
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Nice to see silver and gold going back up, as bitcoin goes down……..
I stack all three, so it’s a win anyway you look at it!😇
Plus, if you look at this from a Bitcoin DCA, Sat’s are getting cheaper!
It’s all in your perspective, if you have a short term, sellers outlook, or a long-term HODL mentality!☺️😇
At least something we own is going up! lol
BTC dropped below $70K briefly, sats are getting cheaper!
!BBH
!PIZZA
How many times has bitcoin crashed Lol😇
I can see why people with ETF Bitcoin are dumping, they are Trad-Fi” and new to this crypto world!😳😬
I just keep on DCA cheep Sat’s💪😇
I think silver drops to $65ish eventually
Silver is going to $9 per ounce in U.S. Stable Coinage…
I've seen predictions in both directions. It's possible it will settle back down once shortages are no longer an issue, but the days of $20 silver are a thing of the past for sure.
I hope this work week isn't kicking your ass too hard!
I think all of this would be a lot easier to take if there hadn't been all the hype about how amazing 2025 was going to be after the election and all of that. Now that it has fallen flat it just stings a bit more. Hope can be your worst enemy sometimes.
I hear you there... Hope can be a very dangerous thing, because once it's crushed it can demoralize everyone. Thus the rampant selling and shorting. Hopefully things will have a dramatic turnaround in the near future!
This is usually the way it goes, but man, BTC sitting at half the price it was just a short time ago is pretty gut wrenching.
What do you think will happen to Bitcoin once Electronic Gold is announced…???
It's the grand daddy of them all, so I think it still reigns supreme. I don't like Electronic Gold personally, if I can't hold gold in my hands it's not my gold!
Its all about shaking out weak hands. Weak positions. But, I dont think its working
Long term holding is the way to go, things will soar once again... It's just a matter of time!
!BBH
!PIZZA
The Banking shorts have struck again at the end of the day... But have the fundamentals changed? No. We can wait. Their days are numbered.
"There is a fifth dimension beyond that which is only known to a few privileged men. It is a dimension as vast in fiat and endless as the printing press. It is the middle ground between truth and lies, between fact and narrative, and it lies between the pit of man's fears and the summit of his knowledge. This is the dimension of imagination. It is an area we call the Comex Zone."
With sincere respect to Rod.
!PIMP
We're living in the COMEX Zone, what a scary thought! Awesome response, I love it. Twilight Zone was such a great show thanks to Rod!
!PIMP
$PIZZA slices delivered:
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Surprised to see Silver below 100
!BBH
I hope Gold recovers back to 5000
I just mentioned on bozz's post that we dropped 75% last time so I think we have not hit the bottom yet.
ETF's play a massive part now so who knows what will happen! Just as long as we keep breathing and not gambling with what we cannot afford to lose.