Is Bitcoin in Early Stages of a Bull Run?
The bitcoin market likes to test boundaries. Look at any chart assessing what bitcoin is doing and you’ll see red lines and blue lines and all manner of oddities. Why you may ask? If you zoom out and look from a much wider angle, it’s a way of trying to understand which boundary is being tested next.
There’s almost infinite complexity in these kinds of young technology markets, sentiment, manipulation, adoption, accumulation all intertwine. Currently the market is testing the lows, not because of China (the China news has been a thing since 2011 and it never really has any major sway on the market) but because we tested the highs, it’s as simple as that. We essentially went from $5,000 dollars to $13,500 in 3 months and now, like the swing of a pendulum, the market wants to know where the bottom is again. In my opinion we are in the early stages of a bull market, you’ll see that the bottom this time around is much higher than $5,000. We will find higher lows all the way back to all-time highs.
Let’s understand that we will regularly oscillate up and down like this and every time a major move happens perhaps it’s folly to seek for and ascribe a reason from outside the market. In such a market there is really only one strategy, buy when the market is testing a low, sell when the market is testing a high and hodl in between.
This is a comment and opinion article from George McDonaugh, Managing Director and Co-Founder of publicly listed cryptocurrency and blockchain investment firm KR1
About George McDonaugh and KR1 plc
George McDonaugh is Managing Director and Co-Founder of KR1 plc, the London listed cryptocurrency and blockchain investment company. George has been involved in the industry since 2011 and is also a founding member of the Multichain Asset Managers Association that represents ecosystem players interested in working towards a new vision for asset management using blockchain technology. George is a regular speaker and advocate for the use of blockchain technology to traditional investors and institutions.
KR1 has been a notable first investor in many key projects that will power the decentralised platforms and protocols that form the emerging Web3 infrastructure. KR1 has been a publicly listed investment company on the London-based NEX exchange since early 2016.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, in particular KR1 shares, or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, KR1 does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.