It’s no secret the market took a bit of a dump on us the last day or so. Charts are starting to see green but this doesn’t stop people from calling 7k, 3k, or 0. With that said let’s take a moment to remind ourselves of a few things.
Bitcoin is still up 100%+ for the year. Most altcoins are not fairing as well but Bitcoin has been doing great. We hit close to 14k for a minute and leveled off near 11k. This pullback could be a sign of a launch or FUD response to the recent Craig Wright loss as he will have to give up billions in Bitcoin.
Heres the thing. He is one person and is a huge whale who could tank the market, at least for a while. Bitcoin is loved by so many and has proven itself as a peer to peer currency. Bitcoin and crypto won’t die because of one whale, only tank the market for a short period of time.
This is actually a good thing if you really think about it. Bitcoin is at a stage where it is starting to become mainstream and while a harsh dive would put us behind in terms of adoption it would give the smaller guys a chance to gain some satoshis and increase their position. It could be the ultimate DCA blessing if you have a long term mindset. Personally, I believe Bitcoin will dominate the large peer to peer transfer market and other coins like Litecoin will facilitate your brick and mortars as the fees are right for them.
Personally, I think we have nothing to worry about and should take this opportunity to stack some sats! Don’t Panic! HODL Strong!