Close your eyes and buy the dip
A few weeks from now the market is likely to higher than it is today
Why is bitcoin selling off?
Take your pick...
The biggest reason seems to be a deleveraging event taking place in China due to Evergrande possibly defaulting on something like $300 billion in debt.
The contagion fear from that was that tether may be holding a large chunk of that paper.
Tether as said multiple times that they do not, but that doesn't matter, the market has spoken.
Anyways, I think you buy this dip even if this isn't the exact bottom.
Even if there was major risk for tether, this is bitcoin we are talking about, not tether...
(Source: https://bittrex.com/Market/Index?MarketName=USD-BTC)
Buy the fear, sell the euphoria several months from now.
Plus a lot of newbie retailers seem to think we had the blow off top and this is now a bear market, because youtubers told them so.
Yea I mean it could be, I won't say that it's impossible that it's not. There is a lot of headwinds out there in terms of regulation and interest rates rising, but if it was this bull market would have been shorter and weaker than anything else in history at a time when the money supply was greatly increased and there was more corporation adoption than ever before. Given that backdrop, I'm betting that this bull market actually ends up being longer than the others..
Thank You for sharing Your insights...
AND Your wonderful charts.