The market is looking pretty green. We got bitcoin up over 5%, which is looking nice. The rest of the market is acting accordingly. Of course, when Bitcoin goes up, the rest of the market goes up. Now why exactly is this happening and what I think is happening next? That’s what we’re going to be talking about today.
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So we had a 50-point interest rate hike today and that’s pretty much exactly what people were expecting. The market overall in the last week or so has been pricing in a worst-case scenario. We have news that’s basically completely average, if not overall kind of bad for the overall economic landscape. Interest rates going up isn’t a great thing, but because this market news isn’t as bad as what people are expecting, the market is acting bullish. People are bullish right now, which is good.
What we have an opportunity today is to bank some profits and secure the downside. If you’re in risky plays, you can take some profits off the table right now. Obviously, that’s up to you guys. You do whatever you want to do for me right now. I’m sitting. I’m just chilling. I have been buying the dip quite aggressively recently. Right now, I’m just seeing the greens and I’m just waiting to see what happens.
As you know on the charts, I’ve been speaking about this. We wanted to put in a lower high on bitcoin, which currently may be in play. Of course, this can get invalidated pretty soon, so don’t get too bullish too quickly. But right now it’s looking pretty good.
On top of that, I do think there’s a potential for a short squeeze coming into the market because people have been so bearish on a lot of shorts for the market as opposed to less and less longs. When the overall market is bearish, normally the exact opposite thing happens now that time scale can be days, weeks, months, and years. We’ve seen it take years before, but the best trades of my whole life were in the last real bear market. From 2018 to 2020 buying crypto at that point, Cardano, Bitcoin, Ethereum, all of that did so well.
I do think that there could be a little short squeeze going on for Bitcoin, pushing it up short term very fast. Which would be a good thing now when the market is like this. Whether it’s up or down, you can still make money by staking your cryptos. That generates me passive income. It also passively reinvests me directly into Bitcoin. Even though the market is down, I’m still generating that income. It’s still stacking my SATs completely automatically. I don’t have to do anything to keep that up.
Overall, the market is looking good. I’m very happy to see this. I do think that we could have quite easily another quick pullback from here if we do break that $37,000 mark. The market could get more bearish from where we are now. With that said, if bitcoin does go down to let’s say 19k like the majority of comments say, I will simply be continuing to buy my long-term holds, especially Bitcoin, because I am so bullish on Bitcoin for the next five to ten years. I do think that it could hit the same market cap as gold, and as you know, that would be around $400,000 to $600,000 Bitcoin if that happened. But I’m thinking five to ten years into the future, so right now if Bitcoin’s at $38,000 or $20,000 or $60,000, it’s all the same thing to me. It’s just a long-term mindset. That’s why I hope you guys have too.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/Ql3RhLVaLDQ ]