Gone are the Days of Sub 20K BTC ~ #puttingitontheblockchain
It doesn't seem all that long ago really, when BTC was hanging out in the 4-10K range. I remember seeing once BTC topped off over 10K, multiple (count: multiple) times people (even well known, recognized, BTC OG's) sharing articles of their own stating that "BTC will never be below 10K again"
But alas, a few short days, or even hours later, BTC had shot back down sub 10K. Maybe to 9K, or even back to the 4-5 range. The thought process and logic was semi-sound.
Once BTC reaches that price, its psychological. People like round numbers and a sell off at 10K just doesn't seem right. But they were wrong.
So, I'm going to go out on my own limb here, on January 4th, 2021, and state that...
We will never see sub 20K BTC again.
What? How can I say that considering we literally just blew past 20K only a few short weeks ago?
The difference isn't even in the price, rather the hands that are hodling the BTC.
When BTC was floating past 10K and then dropping again, the majority of the people buying and selling were people like you and I, and others like your neighbor, the liquor store cashier, the guy plowing your street, the punk kid who egged your house the other night, the mom who got recently got her long awaited child support money.
What do all these people have in common? Weak hands. WEAK hands.
You know who doesn't have weak hands?
A company like Micro Strategy. Who converted their 500 Million cash reserves into BTC slowly over time.
Michael Saylor, the CEO of MS, is not sitting at his desk every day waiting to make 10% off his 500 Million investment. He is in it to win it, as they say.
AND, he's not alone.
Numerous other companies have started to follow suit on MS's gameplan....and it's working.
@jcornel put out an article the other day arguing that this go around will be less volatile for BTC compared to the past and I couldn't agree more.
This makes total sense simply based on how much these big companies have bought and the fact that they ARE NOT selling.
BTC has never been in stronger hands.
So I'm gonna stick with my prediction and say here and now, forever on the blockchain, sayonara to sub 20K BTC.
If you ever want to buy BTC at sub 20K again, you're gonna need a time machine to go back to 2020, and NOBODY wants to go back to that year, ever.
I'd love to say we'll never see sub 30K BTC again, but we just went sub 30 last night. It was good to see the bounce at 27K and then right back above 30, but I'll hold off on that one....for now.
Agree with me?
Do you think we will ever see sub 20K BTC again?
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