The price of Bitcoin is oscillating around the same levels what it was doing around at this time last year before the Bitcoin's future launch.
After the launch of Bitcoin future, the price was pumped intentionally to 19K within a matter 2 months by hype and media news to create a false sense of market crash for new investors. It was a conspiracy by banks and governments to keep the retail investors away from crypto space since a new investor or trader has absolutely no idea about the nature of crypto market in general.
So until we see another fundamental news event like Bitcoin ETF approval, the Bitcoin price may hover around the same level of 6K to 8K, because it is the average mining cost for one Bitcoin.
But for long term Bitcoin is bound to reach at least 2 to 3 Million USD per Bitcoin within next 3 to 5 years or may be even less than that time period.
Once Bitcoin ETF approval happens, the BTC may shoot up again to at least 30K or 50K immediately even without the ETF money coming to the crypto market. After the money comes through ETF, it can quickly rise to 100K or 200K which is expected to happen either by end of this year or may be by Feb or March of next year.
Till now, it’s around 6-7K (USD), don’t know when we’ll see such an impulsive move by the buyers! Hardly waiting for that.
This time the Bitcoin price move has not much to do with retail investors or traders.The majority of the money will come from big players in the market like large institutional investors and banks.
Such big players will not put money until a strong regulation is intact so that they can be assured that their money is safe. Because we are not talking about billions, but we are talking about trillions of USD to flow into the crypto market and hence, it takes a lot of time to do the ground work to bring proper regulation into the crypto market.
That's why many people are waiting for the Bitcoin ETF to be approved by SEC which will push the market like never before in the BTC price history. In fact, this is another conspiracy by the governments by delaying the ETF approval to create a feeling among people that crypto is dead etc so that people will cash out at loss and they can buy at low price. That's why many small ETF proposals are already rejected by SEC and they are waiting for the best low price to buy BTC and after that most probably the ETF will be approved and BTC price will shoot up like never before. We can expect this either by end of this year or by next year Feb or March.
Because last time many people bought BTC at high price levels hoping to cash out quickly once it reaches to very high levels and by now many of them might have given up and cashed out at loss. But if it will continue like this many more might cash out at loss and the governments and banks will get big opportunity to buy at low price.
So those who enter into crypto market with such mentality of cashing out quickly will definitely suffer. Crypto is not about getting rich quickly, rather it brings a paradigm shift in the current economic and political structure and hence, only long term HOLDERS of cryptos will win in the game and rest of the people will just suffer from hypes and false media news etc.
Because as I said many times in my thread there may not be any such thing like USD,EUR,GBP etc within a matter of 5 to 6 years of time and probably 80% of small and big institutions and daily buyers will be using only crypto currencies of their own and Bitcoin may be the standard for measurement of the value similar to USD now which is used as measurement of value.
Artificial General Intelligence