Hello!
I write this post because I want to know your opinion of the current correction. Do you believe that Bitcoin is going to dip below the $90,000 mark? At the time of writing this words we are currently trading at $91,500. We are really close to this level, and we are also really close to Trump taking office in the United States.
I feel that the market is overreacting to the news that United States may sell 6.5 billion worth of Bitcoin but they are underestimating the demand and the buy orders we are going to have such as more than 18 billion of buy pressure from Microstrategy alone.
Some influencer called Decentral97 in twitter said the following:
If you’re watching the price of $BTC, you’re following the wrong metric.
And I agree. If you take a look at the hashrate, the network is stronger than ever and it keeps on growing.
Here you have a chart:
Another Bitcoin OG, Max Keiser is a big proponent of Bitcoin Hashrate over Bitcoin price. Bitcoin price can be manipulated short term and it can be influenced by news and FUD or FOMO. However hashrate shows how more miners are joining or improving the mining systems. Thus they bet on the future of the network.
Have a great day!