Hey guys I have taken a little time to write a few of my thoughts. I do this from time to time and thought this would be a perfect time to do it as Im on my new laptop and want to learn to type better on it. But the reason Im writing this today is Bitcoin. Wow. Despite the ugly year we all know as 2020 Bitcoin has been shining despite the negative sentiment. Your average person would definitely say 2020 was awful. But for Bitcoin investors it was good in that respect.
We dropped to 3800 approximately on March 13 2020. That dip was a blow to morale as we dropped over 50% over all. I know I wasnt the only one buying at that point but I do remember telling anyone that read my analysis I felt the drop to 3800 was a gift. An opportunity to buy at 3800 before we took off. I mean the halving happened within a couple of months after that plunge to 3800. The halving has always produced a pump. Supply and demand. The supply is cut in half for the mining rewards which basically means the new Bitcoin flowing into the market is half of what it was 1 year ago.
So I mentioned supply and demand. That is why I believe Bitcoin rises after a halving event. The design of Bitcoin is brilliant. And one of the few predictable events is a halving pump. We only have 3 halvings to go off of and that isnt much. But 3 repeats of a pump after around 6 months is all I need to see. I certainly wont remortgage my home to invest but I will play the halvings as long as I can. But what is different about this rise to 19900 vs the rise in 2017? Lets talk about that too.
Differences Between 2017 and 2020
So we broke to nearly 20k in December 2017. In fact that is right after I got into Bitcoin. I bought around 8500 and rode all the way to 20k. Didnt sell. But I was hooked. The adrenaline was pumping and it had to last me til the next pump which happened last year in June. We went to 14k. It was a nice pump but not enough to break that 2.5 year resistance I point out often on my daily analysis. I started charting right at the start of the pump. Ill never forget because I remember the pump happened and it was April 1. So that is April fools day. I thought it was a joke. Anyways I thought it was cool to see a bull run as soon as I begin sharing charts.
If you count the run in 2017 we have had 3 real bull runs since then. And that means counting the one in 2017. The run in 2017 was different than this run. I noticed that the run in 2017 seemed more centered around alts…