Recently Crypto analyst Cred opines that while it is a toss-up whether bitcoin has reached a so-called generational bottom, a long time horizon will mean you won’t regret buying at $20,000. However, Cred points out that the confluence of macro events like the Covid-19 pandemic, a strong dollar, and increasingly hawkish tightening by the Federal Reserve are influencing bitcoin’s price beyond traditional multi-year price cycles.
Is now the time to add to our bags and brace ourselves? more than likely as another event such as the pandemic is unlikely to happen again in our lifetime. Tread lightly. Regardless Crypto is here to stay. While charts mainly remained flat between 2020 and the 2021 bull market and still are relatively stable, investment companies may now be observing interest from institutional players that typically look to crypto as a long-term part of their investment portfolios. These purchases don’t move the price needle much, except in the cases of “whales” purchasing large amounts of crypto, which generally doesn’t include the demographic catered to by investment companies.