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Death Cross to the Downside or Upside?
There is a lot of fear in the crypto market right now with Bitcoin’s death cross approaching. But I personally don’t care about any death crosses because I’m a longterm hodler looking at macro level trends. There were years I was dreaming of Bitcoin’s price breaking 2017’s high of $20,000 and new all time highs to come and guess what it happened and I’m in profit just like many of you are. However, with the rises come corrections, consolidations, and sideways movements.
I personally think we’re still in a bull market and we will need to be patient over the next 1 to 2 months before Bitcoin starts to move upwards again and the altcoins follow its move. Here is what PlanB, creator of the Bitcoin stock to flow model, had to say. He outlines the FUD that has helped drive the price down and predictions for recovery and new all time highs.
Here is another macro level chart showing where we are in this bull market cycle.
Most bullish news from this week
Goldman Sachs is ramping up crypto trading by partnering with Mike Novogratz’s Galaxy Digital (source)
US House Republicans' campaign arm to accept crypto donations (source)
House Democrats form Cryptocurrency working group (source)
Coin Cloud will soon begin placing crypto kiosks in Texas largest grocery store chain, H-E-B, where consumers can purchase Bitcoin, Ethereum and other cryptocurrencies.(source)
The Central Bank of Portugal (Banco de Portugal) has licensed two cryptocurrency exchanges for the first time.(source)
Banking giant BBVA opens bitcoin trading and custody services in Switzerland. (source)
Interviews in the process of being scheduled
Perianne Boring, Founder and President of The Chamber of Digital Commerce
Are you tracking your taxes for your Crypto trading? Be sure to do so, I personally use TaxBit to help me prepare my crypto taxes which I then share with my accountant. Visit TaxBit’s website to learn more.
Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.