Updated: Jul 27
Are we in a bull market or bear market? As I continue to update this piece, the excitement is back in the market! Bitcoin rallied to over $40K before pulling back to $38,320.80 as I type this. There have been many reasons as to what sparked a rally from $29K to $40K but now where do we go?
Well, let's get the bad out the way first. Mark Mobius and CryptoWhale are calling this rally a dead cat bounce; only time will tell if that is true. Now the good, Crypto veteran Bobby Lee predicts Bitcoin peak over $250,000 before massive drop; kicker - he thinks it happens before the end of 2021 - don't hold your breath! In addition, looks like Mike McGlone also thinks higher more than lower is in play.
The Bitcoin market analysts are divided! I've decided to keep the main articles below so keep your eye on this blog post :)
Portfolio Managers - Bitcoin to Go Under $30,000 by End of 2021: 44% of Portfolio Managers Tell CNBC
Peter Schiff - Bitcoin May Go Below $30,000 Now That Novogratz’s GLXY Crypto-Related Stock Plunges 63%: Peter Schiff (Technically Correct)
Scott Minerd - Guggenheim’s Scott Minerd on Bitcoin: "$30,000 May Soon Fail" (WRONG)
Peter Brandt - "The 5-week rectangle continues to form. The daily chart is decidedly negative. The burden of proof is on the bulls unless they can keep $BTC above $29,000." (Not a call but it did remain above $29K)
Keith Wareing - Bitcoin price is 3–4 weeks away from new $24K–$29K range, market analyst warns [WRONG]
JPMorgan - Is Confident Grayscale’s July “Unlockings” Will Crash Bitcoin Below $25,000 [WRONG]
Jeffrey Gundlach - Billionaire ‘Bond King’ Jeffrey Gundlach Predicts New Bitcoin Sell-Off, Says BTC Has Lost Its Steam [WRONG]
Tone Vays - ‘Capitulation Day’ Coming Very Soon for Bitcoin (pushing Bitcoin to mid $20K), Says Veteran Crypto Analyst Tone Vays (Short Term Bearish) [WRONG]
Clem Chambers - believes that Bitcoin could briefly plunge to as low $7,000 during a capitulation phase [WRONG]
Lucas Pipes - updated Q2 prices for the quarterly average BTC price to $47,000
Nikolaos Panigirtzoglou (JP Morgan Analyst) - “There has been a divergence between Bitcoin and other cryptocurrencies. There was also some institutional interest from Bitcoin into Ethereum back in April, and now we are seeing the opposite. The flow into Ethereum funds has slowed over the past two-three weeks at the same time as the flow into Bitcoin funds has turned less negative.”
Will Clemente - “There is a clear bullish divergence in the ratio, with a lower low made in price and a higher high in the ratio. AKA strong hands are increasingly buying as price is going down.”
PlanB - PlanB believes BTC’s bull run is just on pause and predicted that the cryptocurrency will go above $47,000 by the end of August this year.
Tim Draper - Tim Draper Stands by $250,000 per Bitcoin, Says It Is Modern Inflation Hedge Thanks to Constant USD Printing
Crypto Experts - Crypto Price Prediction: Bitcoin ‘To Overtake’ The Dollar By 2050 And Soar To $66,000 By The End Of 2021
But Paul...What do you think?! I am still of the same mindset, nothing has changed for me; so either you keep stacking sats on a routine basis (weekly, bi-weekly) or you collect DRY POWDER (in $USDC held on Voyager or Abra earning 9-10%) and be prepared to deploy it if we get a decisive move down.
As you can imagine there continues to be a lot of news so make sure you are checking out the website daily to keep up with everything going on.