Here’s why you should be Bullish on the cryptocurrency market now.
Here’s why you should be Bullish on the cryptocurrency market now.
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The original was posted on /r/cryptocurrency by /u/GRQ77 on 2023-07-17 16:53:02+00:00.
I asked a friend of mine why he has not been accumulating BTC, ETH and several promising crypto lately, and he said the market doesn’t seem bullish. I was bemused. What? This is as bullish as bullish can get.
I mean, BTC is 84%+ up in 6month from its last bottom. More impressively, it has closed above the stubborn $29,200 resistance on the monthly chart. Worst case, it retests 25k and we moon.
Let's even look broader at the economy, is it ripe for a bull market? What caused every stock and crypto to tank in the last few months? It was majorly inflation and the increase in fed interest rate. But have you looked at inflation data recently. Inflation is dropping at a steady rate.
Meanwhile, the fed interest rate hasn't stopped increasing. In my opinion, the fed will soon stop increasing rate or even start decreasing.
Also, one has to factor in the fact that bitcoin halving is just in April 2024.
To me, bar any disastrous event like Binance collapse or anything out of the ordinary, BTC has no reason to stop going up (with dips here and there of course). If you're not accumulating now, when exactly do you want to start accumulating??