WHEN THE GOING GETS TOUGH
This is our opportunity to toughen up and capitalize!
One of the lesser known quotes by Michael Saylor (whose company Microstrategy Inc. is one of the largest known holders of BTC) can provide us with the mental toughness that only great clarity can bring, as follows:
“BTC is the apex property of the human race.” Saylor
My translation is this: BTC is the world’s FIRST and ONLY asset that cannot be diminished in value due to being inflated away.
As a bonus for us adopters, not only does it protect our purchasing power against inflation, its value as a worldwide network it is highly likely to grow even faster than the rate of inflation, because the network continues to grow as the acceptance and adoption of BTC continues to increase.
At the time of this writing (10:00 A.M. US Eastern, Wednesday 05/01/2024), writing BTC is down to $57,220. As you may recall from my last post, I said that the correction had not triggered my first sell signal of a close below $59,225. But absent a big fast rise, only 10 hours from now, using the closing time and price provided by Coinbase, it appears that signal will be triggered.
Most importantly, I said that it would NOT cause me to sell, but only to expect the correction to deepen.
I see strong areas of support in the range of $53,000 down to $49,000, so I am placing GTC (good until cancelled) buy orders with price limits set within that area of support in BTC (and/or at equivalent prices for one or more of the new spot ETF’s).
If we get that low during this correction, I would consider it a great gift and would not expect to ever again see prices below $50,000 after new highs are made above $73,836 (which I expect will occur by the end of October 2024).
Just wanted to get this out to you quickly as the pain has sharply increased.
All the best,
Garry
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