Bitcoin’s Rollercoaster – 279

Why is everyone suddenly bearish about Bitcoin this is an opinion piece over on Coindesk and the title is basically the Cryptocurrency has dipped following the Most bullish event in recent crypto History the launch of the spot Bitcoin ETFs apparently causing a crisis in Faith now you guys if you follow me on Twitter may be aware that my opinion of This was already that nothing Nothing nothing contradicts the current Having cycle and the Bitcoin price and That is just the way I see it nothing Can sway that typical pattern yet we've Been trying to see if maybe the Influence of ordinals would bring parody Between of course the base block reward And fees which is where I think we'll See a breakout from the traditional Having cycle but that's still way too Far off for it to be consistent enough To level out the price of Bitcoin and Keep it a little bit more stable let's Go ahead and see what they say it is Because you know the way these people Think is is is not you know a as Straightforward as we might think all The time but let's go ahead and see by Nearly all metrics spot Bitcoin ETFs Have been off to a great start and yet The launch of these much anticipated Products is tanking the price of the Industry's leading asset ET since January 10th the day the US Securities

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And Exchange Commission approved the Roster of Exchange Trade funds Bitcoin Is down about 15% what was widely regarded to be the Most bullish event in recent crypto History with the possibility of drawing In millions of new Bitcoin investors and Potentially billions in capital may Actually at least temporarily be cooling Bitcoin's Jets this is largely due to the billions Of dollars exiting Gbtc which transitioned to an ETF from a Closed ended trust meaning investors are Finally able to pull their Capital out Grayscale has seen more than $3 billion Dollar in redemptions only some of which Is flowing into other Bitcoin ETFs that Charge much lower fees than gbtc 1.5% on social media noted VC Chris Brunsky I think that's the way or B Berneski there we go said Bitcoin has Yet to bottom out giving a price Prediction as low as $220,000 in an echo of recent uh Deutsch Bank survey that found one in three Respondents saying the largest Cryptocurrency could dip below 20,000 by Year's End now do I think it's going to Dip below 20,000 no we still know the Cost to Mint because we're minors and We're not stupid the economics of Bitcoin will not allow it to really go Quite that low in my humble opinion

We're still looking at that $228,000 level on average for cost to Mint and at some point you know the Miners have stabilized and so what we When you see a dip below cost to Mint is When miners aren't stabilized meaning They they get wiped out and they start Going bankrupt and then they sell off Their Bitcoin to cover while in the past Bare Market dip they Overleveraged M loans on their mining Equipment because the price of the Mining equipment dumped right and so if We're looking at that most miners have Reconsolidated right and starting to Rebuild and we've seen this across the Board and so most people that are mining Now most miners are in a position where Their equipment is now covered paid off And they're prepping up and building up Before the next having this means most Of them are going on cash bases and have Better uh better numbers than they have In the past so I don't see a a a sell Pressure from the mining perspective That is going to push miners to sell a Loss like we've seen in the past and I Think we'll have to wait for that to Work out now it could go it could dip a Little bit below based on you know if There's large controllers of the Bitcoin That are already in current circulation But I don't see it as being as big of a Deal especially if we compound that fact

With the way that the ETFs function Being primarily paper Bitcoin you know The actual value of Bitcoin is still Going to be based on power as always Power runs everything energy is Everything in this game and I and with The rise in energy costs it's just not Viable you would end up taking the Entire network if you have an average s Selling price below the the average Average cost to Mint so I don't think 20,000 personally I do think we could Drop below 30,000 but as we've seen the Price has already recovered back over 40,000 so let me know what you guys Think in the comment section below and The live chat do you really think that The power is going out of the hands of The miners over the influence of price Of Bitcoin or do you think miners still Heavily influence that price I tend to Think miners still heavily influence That price just 15% of deutsche's I Think I'm saying that right 2,000 survey Takers across the US UK and EU said they Expect bitcoin's price to stabilize Between 40,000 and 75,000 by year end Now as you guys are aware what my Prediction was is we would end up Somewhere between 45,000 and 50,000 by April which will be the having time of Bitcoin and then we'll start to see a Slight increase seeing the bull market Start to pop off in December December of

This year and hopefully that plays out At least historically this is how the Having cycle has influence the price of Bitcoin and where we head to in the Future so that's what I'm planning Around it's not Financial advice just Telling you guys how I'm taking a look At everything here is this negative Sentiment around Bitcoin Warranted berneski apparently doesn't See many pro positive advancements in The near term not even mentioning the Upcoming Bitcoin having expected in April that may that many other Market Onlookers are hoping will buoy Bitcoin quote new product Innovations Are close but not quite there yet things Still feel insular berneski wrote adding That pre uh precarious macroeconomic Factors will likely continue to press on Bitcoin it's hard to say exactly what Will happen but it's also difficult to See many long-term headwinds working Against Bitcoin in terms of Regulation It seems like the worst of it is behind The industry now that binance settled Charges with the Department of Justice And the FTX Saga is wrapped up and if It's true that continuing outflows from Gbtc are primarily the cause of the Recent Market dip that's likely to wrap Up eventually too FTX for instance has Already sold off all of its gbtc many Other parti others participated in the

So-called Widowmaker trade which Involved trading BTC for gbtc and Profiting when gbtc was at a premium and Losing big when it felt to a discount But JP Morgan said gbtc profit taking is Likely over but to put recent downward Price movements into context Bitcoin Fell nearly 30% the day that SEC Rejected the first Bitcoin ETF Application submitted by Cameron and Tyler winlos in 2013 then there's the Bull market beginning in 2017 a year Which began the People's Bank of China Deciding to ban crypto and restricting What were then the big three exchanges H Hoy okcoin and Btcc so it goes on to say that all of This is to say that Bitcoin has always Had its ups and downs Bitcoin ETFs have Been a disappointment in terms of Immediately fomenting another rally but Are still a symbol for the long-term Viability of the asset class the first Few weeks of trading have seen record- Busting volumes and as Deutsch's survey Found the majority of ETF flows have Come from retail investors indicating it Is a tool that could further this Adoption as beresi said quote as always Patience is your friend and obviously Patience through this bare Market is Everybody's friend the hard part of Course is always coming up with the Capital to start rebuilding luckily what

I have noticed at least in my own Business practices is that I'm capable Of now rebuilding yes I have to take Some outside income and I do have to Work a day job and that sort of thing to Get by but that also just compounds the Fact of being able to invest harder into Equipment and that sort of thing so let Me know what you guys are thinking about This I still think nothing trumps the Bitcoin having cycle as it stands right Now until we see something that really Drives fees up and guess what ETFs do Not drive fees up and that is a fact Because it just doesn't transact on the Blockchain in the same way other Transactions do so if we really want to See something that influences the price Of Bitcoin it's going to be technologies That drive the fees up on bitcoin Meaning that people need to start using The damn before it'll actually Influence the price of Bitcoin to level Out as a whole and that's just the way It plays out we saw this with ethereum With ethereum right the big driving Factor of of ethereum miners being so Profitable to the point to where almost The cost of power was didn't matter was The fact that everybody in their mom was Buying nfts and trading on defi Platforms and when it comes to that if You're looking for projects to mine in The future and what might be Hefty you

Want to see what these project projects Are doing and if they're going to Influence people to drive those fees Higher and higher so that basically you Have a higher mining income and that is Really kind of what I look at when when We discuss these Things thanks for watching this clip From the crypto mining show you can Check out the full episode here and Don't forget to subscribe down here as Well you can also check out my crypto Mining ecourse at son ofate Where you can get a free month of Support status with a purchase at sonof Tech. also don't forget to Check out my merch underneath the video Or at shop.of I'll see you next Tuesday

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