- During my daily analysis of Bitcoin, the first thing that captures my attention is the fact that we have found support yet again in the same area that has been so prevalent over the last couple of months.
- I think this is a market that will probably go sideways for a moment, but that’s not necessarily a bad thing due to the fact that it has exploded to the upside a couple of times over the last 12 months.
- In other words, it’s very likely that we are going to continue to see the need to digest some of the gains.
- After all, the market cannot go straight up in the air forever, and people need to build up the confidence to continue to buy this asset.
Non-Farm Payroll on Friday
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Keep in mind that Friday is the Non-Farm Payroll announcement coming out the United States, which will obviously have a major influence on what happens with risk appetite. It doesn’t get much riskier than jumping into Bitcoin for institutions, so with that being the case, I think you have to understand that we need some type of positive reaction to those jobs numbers in order to really start to take off to the upside. If we continue to see a lot of volatility, then I believe at this point in time most longer-term traders or to simply accumulate more Bitcoin, because it seemingly always works.
It’s not really a matter of whether or not it will be adopted, it’s just a matter of how the market has behaved. I am not a “Bitcoin believer”, but I do own some. It’s really not a matter of me ever wanting to use it for anything other than to sell at a higher price, which let’s be honest here - that’s the majority of people that are in this market. This is why most professional money managers will only have a few percent of a portfolio in Bitcoin. However, if history does continue to repeat itself here, you certainly want exposure on dips.
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