Overview
Bitcoin has been doing such a great job lately at keeping up with the bull run. We are now experiencing major resistance at the 42K range that keeps knocking the price of Bitcoin back around $37K. Some are speculating that a major correction is in store for Bitcoin. I can not argue against the major correction but I can argue as to when it will occur. I have been saying for awhile now that when we hit $42K we will either take off like a rocket past $50K or we will be headed back down into the upper $20K range. To be more specific I was eye balling the $27K range.
Even if that correction happens like I am thinking it will be short lived as plenty of companies will take full advantage of the price drop to load up on even more Bitcoin at a discounted rate. The Bitcoin chart right now looks as if though we may already be headed down in price towards the price correction zone. I know Bitcoin hasn't breached the $42K zone but it was really close at one point.
Fun Fact: Currently in New York, USA 2 bars are being put up for sale for either Bitcoin or Ethereum. While this will not top the 10,000 BTC for 2 pizzas it will surely have an impact on Bitcoin going forward.
As you can see above, today we have already an 8% loss for a low of $37,850.73 USD If I was to update my previous low price correction I would currently put the possible low at around 29K to 32K. This is just speculation, although it is more than possible for the price to keep correcting until tomorrow morning as investors head into the office and take full advantage of this buying dip.
Above we see the All Time Data from Bitcoin, and a lot of speculators are still focused on how the market acted back in 2017 a year after the Bitcoin halving. The major catch back then was Government Regulations that scared off financial investors. This time around we are seeing a whole new ball game in the Bitcoin Market. We have billions flowing into Bitcoin from top financial investors in the United States alone, not counting the World as a whole. The United States Government is mainly to blame for the mass adoption of Bitcoin within the United States with the increasing deficit.
President Biden is set to take office on January 20, 2021 at 12:00 p.m. Eastern Time. President Biden has a bill he is working hard on. A $3,000,000,000.00 $3 Trillion Dollar package to rebuild infrastructure. Now the thing is, this may sound really stupid but President Biden has a solid plan. The plan will employee thousands of Americans and add Trillions into the economy in the United states. I would estimate the Crypto Market to see a $6 Trillion gain in total. When Governments start printing money the wealthy look for a safe haven against the undeniable inflation rates this causes.
President Biden isn't stopping with his $3 Trillion Bill. President Biden during the Georgia Senate run-offs promised Americans that if they voted Democrat Senators into office as soon as he takes office he would give Americans a $2,000.00 Stimulus Check. President Biden seems determined to follow in the foot steps of the Obama Administration that used several Stimulus packages to stimulate the United States economy. The thing is, the USA wasn't too bad off during the Obama Era. We are now in a whole new situation with Crypto playing a major role. The worse the Pandemic gets, the more Governments print and the more political drama we see. The more money we see pouring into Crypto.
Bitcoin being at the top adding a trickle down effect. The trickle down effect may not be evident when Governments give Billions to already Billionaire Corporations hoping they will spread the wealth, Bitcoin is the main attraction. The gateway into the World of Crypto. People have grown to trust Bitcoin more so than the USD. Bitcoin continues to make history and it was Bitcoin that paved the way for this revolutionary technology to come alive. We owe a major debt of gratitude to Bitcoin itself. Bitcoin will forever be the Internet Gold mine.
We are just entering a whole new era and we can see it unfolding in the beginning stages. A lot of investors have always talked about the necessity to diversify within Traditional investments areas. The same rule should always be applied as well as "Don't put all your eggs in one basket"
Disclaimer: I am not a financial advisor, I have done a massive amount of research in the World Of Crypto, enough so that I should have my Doctorate in Crypto...just kidding but seriously, I research and research 7 days a week. Even though I research so much I still know nothing when it comes to predicting the Markets. No one knows for a fact how this new market will continue to grow with so many issues that could affect the growth and adoption of Crypto.
My Final Thoughts
While I wasn't a Biden supporter, I honestly support the way he is inflating the USD. The more money he prints over the next 4 years the more Crypto will grow by Massive amounts. I could see Bitcoin being at $300K by the end of 2021. That is my high side of speculation. Now on a realistic note, I can see Bitcoin being around $90K to $120K I know that is a wide estimated. I feel like with all the publicity a 300% gain is going to happen at a bare minimum over 2021. Now we all now how these bull runs can turn dangerous or even rocket towards the moon. Depending upon the outcome of the new appointed officials taking office in just 10 days will determine the higher end of my estimate.
We should ideally see even more companies jump into the Bitcoin Market and as many investors start to diversify we will see more money flood into newer projects as well as the ones that we have all been eyeing for so long. HOT being a major blockchain project that I have been watching for a years now is continuing it's battle to hit just 1 penny .01 USD Currently at .001 to .0009 and growing.
The data pouring in is being studied and analyzed by some of the very best investors in the World and the majority consensus is that Bitcoin will top $100K this year alone. While some speculate we will be at a much lower price by the end of the year than $100K. A growing amount of people are saying $300K upwards of $1 Million. I don't see $1 million this year or next year. I see that price within 5 years, I see $10 Million within the next decade. We all know what is good for Bitcoin is good for the rest of the Market... So go Bitcoin GO!
Thank you for reading, God Bless You and Stay Healthy!