Is The Bitcoin Bull Cycle Here?

If you follow my twitter or blog then you know how bullish I am on Bitcoin in the long-term.

There are two camps in this Bitcoin game.

Those who believe Bitcoin is a ponzi destined to be valued at zero. (Peter Schiff….the gold bug)

Or just ask Dan Peña….

 

And then there is the camp who believes Bitcoin is extremely undervalued…..the “Bit-fucks” if you will.

To use Peña’s expression…..I am indeed a “Bitfuck”

Anyone who claims to know the direction the price of Bitcoin is going in the short term is blowing smoke up your ass.

No one knows.

That being said…..

There are rumors of a key fundamental driver that could cause upward pressure on the BTC price.

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325 million users are going to have the ability to easily buy bitcoin.

“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo,” a well-placed industry source told CoinDesk. “They are going to have some sort of a built-in wallet functionality so you can store it there.” 

Stupid-proof.

No hardware wallets.

No nodes.

Built in wallets.

If this rumor comes to fruition then another huge on-ramp will be available for retail to pile in on the BTC train.

There are now numerous exchanges…..E-toro, binance, MCO, bittrex, kraken…..and now cash-app provides users the opportunity to stack bitcoin.

The on ramps continue to grow……

This is bullish.

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If we are going by technical analysis BTC is looking a little heavy.

Volume not looking too bullish….

Our fib retracement tool tells us that a good buy zone would be in the $5-$6k range.

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Fear in the market tells me that many are likely waiting for a dip to buy.

Whether it comes or not is anyone’s guess.

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Meanwhile bitcoin miners are not selling their bitcoin.

Also very bullish.

Bitcoin is a scarce asset.

Inefficient miner typically have to liquidate daily to maintain operations.

There can only ever be 21 million Bitcoins that exist…

If outflows from miners continue to decrease that can only mean upward pressure on the price of bitcoin.

Keep in mind that this lack of selling comes on the back of Bitcoin going through its largest difficulty adjustment (difficulty to mine bitcoins increased) in over two years.

 

Hash rate is also on the uptrend suggesting the security of the network is as strong as ever.

All the fundamentals for a bitcoin bull run are here:

  • Multitude of on-ramps for mom and pop retail investors.
  • Institutional participation (Paul Tudor Jones has allocated 2% of his fund to Bitcoin)
  • Hash rate near all time highs
  • Central banks competing to devalue their currencies.
  • Media attention and mainstream awareness higher than 2017.

It’s when not if bitcoin is going to experience another bull cycle….

I am confident that another bull cycle will occur as human behavior tends to repeat itself over time.

Just look at the current race riots taking place.

Here’s another bitcoin article that might help you come to your own conclusion: https://www.forbes.com/sites/investor/2020/06/16/bitcoin-to-1000000-might-sound-crazy-but-is-it/#78bcf46f1c59

My personal prediction?

I see 2020 as an opportunity to accumulate a position I am comfortable with for the next bull cycle.

In all honesty I would be happy to see Bitcoin dump to $5-$6k as I could get more BTC for my buck.

If I am going to guess when the bull cycle will be in full swing….

My prediction is 2022-2023.

Bitcoin’s price? (See Bitcoin….Not if But When)

Either way…

Bitcoin is hard money.

It’s harder than any fiat currency on the planet.

Supply is hard capped and cannot be inflated to prop up markets (see the Fed).

I envision the United States rolling out UBI some time in the future….”money printer go brrrr”

Again….extremely bullish for Bitcoin.

Time to pick a camp.

Bit-zero.

Or Bit-moon.

I know where I stand.

Good luck.

Disclaimer: This is not financial advice, I am not a financial advisor. Do your own research before investing in Bitcoin, cryptocurrency carries risk.

 

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