No, it isn't Three Tune Tuesday and sadly this isn't the name of a new bad police television series. It seems to be the new reality for cryptocurrency as a new bear cycle seems to be slowly strangling the price of Bitcoin. As the bear sinks those teeth in deeper the farther down the charts we go... Yes, it is the Bitcoin blues...
I remember back in October of last year we were all getting excited to watch BTC punch past $130,000. But then the correction arrived and things haven't been quite so rosy ever since. Does that mean it's the end for the grandfather of cryptocurrency? Far from it! However, I think the bottom of the spiral is still some ways off. We may even drop below the dreaded $60,000 barrier.
BTC over last 24 hours from coingecko.com
And now let's look at the last year of Bitcoin prices:
Coingecko.com
Those floor drops are always depressing, and boy today's was rough. It's also dragging down the price of most other crypto including Hive which is of concern to all of us. What happens to Hive if Bitcoin does tank below $60,000? A nickel or worse may be in the future very soon if that happens... What's worse is all of our other cryptocurrency values will drop as well.
I am optimistic in the long term still, but I think a crypto winter may be kicking in and it may be very cold, not to mention very long.
Precious Metals
Now for some good news, at least for those of us who invest in precious metals. After last week's price disastrously plummeted due to an anticipated correction, it looks like we are beginning to see the beginning of a new price pump. It means all of the profit takers have exited their positions and the squeamish have all sold out. The question now will be how high will prices climb?
Right now they are climbing at a more reasonable rate than we were previously seeing. No massive twenty dollar daily climbs in silver which was unsustainable. There is still a very real shortage problem, and that will keep prices high in the long term. The big question is where will they settle down? I still see some "experts" that feel $150 is a realistic target for this year. I'll believe it when I see it personally, as the correction was so big it may have scared off some casual investors.
Kitco.com, silver over the last five days
You can see the steady climb starting again. I'm much more optimistic here than in crypto at the moment...
Now onto gold over the last five days:
Kitco.com
After the precipitous drop we can see the recovery taking place. It looks that gold will hang onto at least $5,000 per Troy ounce for the near future. There may even be some pushes testing some new upper limits up to$5,200 or $5,300. The next few days will be interesting! Again I'm bullish on gold just like silver.
I think it's wise for everyone to hold some precious metals as they will always have value no matter what happens. The world is a mess and not getting any less complicated. Best to plan ahead and be prepared!
I do hope the Bitcoin blues soon give way to some more sunny days in the near future. But I'm not going to be holding my breath on that one quite yet. But I do like seeing the precious metals recover as I have invested in them since I was very young. It's been an exciting year in that arena, and hopefully this year won't disappoint either.
Please feel free to leave any comments or questions below, and thank you for all of your support. I really do deeply appreciate it! Happy hump day everyone!
References:
https://www.coingecko.com/en/coins/bitcoin
https://www.kitco.com/charts/gold
https://www.kitco.com/charts/silver
Disclaimer
I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!
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