- During my daily analysis of Bitcoin, the first thing that catches my attention is the fact that we have found support again in the same area that has been so prevalent for the past few months.
- I think this is a market that is likely to go sideways for a while, but that’s not necessarily a bad thing given the fact that it has exploded to the upside several times in the last 12 months.
- In other words, it is very likely that we will still see the need to digest some of the gains.
- After all, the market can’t go up forever and people need to build confidence to keep buying these assets.
Non-farm payrolls on Friday
Note that Friday is the non-farm payrolls announcement coming out in the United States, which will obviously have a big impact on what happens with risk appetite. It doesn’t get much riskier than jumping into Bitcoin for institutions, so with that said, I think you have to understand that we need some kind of positive reaction to those deal numbers to really start to take off. If we continue to see high volatility, then I believe at this point most long term traders are simply accumulating more Bitcoin, as that seems to always work.
It’s not a matter of whether it will be adopted or not, it’s just a matter of how the market behaved. I am not a “bitcoin believer” but I do own some. It’s not really a matter of me ever wanting to use it for anything other than selling at a higher price, let’s be honest – that’s most people in this market. This is why most professional money managers will only have a few percent of their portfolio in Bitcoin. However, if history continues to repeat itself here, you definitely want exposure on the dips.
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