BITCOIN AND FEBRUARY
The consolidation period for Bitcoin is not going to last forever; we may even be getting ready for a Bitcoin rally moving towards a six-digit price. We could be in the first stages of that rally by the end of the week. We are looking at Thursday, the 4th of February, which would probably coincide with a massive event that could be bringing a lot of money into Bitcoin.
Bitcoin is continuing in that downtrend; the Elon Musk pump and dump ended up being nothing more being a fake-out. It was one of these classic news-driven price moves that can send a price soaring up high and then coming to a dramatic crash just as quickly as the pump happened. We are right back to the point where we were in terms of price; it went up and went straight back down.
On the bright side, Bitcoin, after the Elon Musk pump and dump, found support around $32,000. Bitcoin right now is just in a massive continuation of this consolidation.
This is not the first time this is happening; during the last Bitcoin bull run, we had several times where we had an incredible run-up and the consolidation period that lasted for a few weeks before the price was then pushed higher. From the looks of things, we might be coming to the end of the consolidation period soon. It's best to accumulate as much Bitcoin as you can and brace yourself for the bull run.
BlockFi will be launching a bitcoin trust in direct competition with Grayscale. BlockFi will start offering shares on the stock market that you can buy, representing a piece of their Bitcoin trust. This will be the third significant bitcoin trust on US markets if approved.
Grayscale is incredible, and it buys more Bitcoin in a day than the miners produce regularly, now it will have competition. BlockFi has the potential they need to get approved by the SCC.
February fourth is essential because it is the day after Michael Saylor of Microstrategy has a seminar telling thousands of corporate executives exactly everything they need to know about how to buy Bitcoin, including all the tricky little bits and hacks like the accounting, the finance, and so on. It could be tens of billions, potentially hundreds of billions of dollars ready to go into Bitcoin and if anyone is able to convince top companies to buy Bitcoin in Michael Saylor.
