BITCOIN ANALYST: “DEEP CORRECTION” COMING WITH DECEMBER 17 PIVOT POINT REACHED
There’s no denying that Bitcoin and other assets exhibit cyclical nature. In fact, cycles are built directly into the cryptocurrency’s code, revolving around the asset’s block reward halving taking place roughly every four years. The quadrennial cycle causes an imbalance in supply and demand, that greatly favors price appreciation.
The cryptocurrency market chatter has never been louder, now that Bitcoin has broken above $20,000 for the first time in its history. The last time the cryptocurrency came close to such a number, was when it topped out back in 2017 just below the rounded number.
Bitcoin built a stable base at roughly $200 billion market cap, making it a network with real staying power. The same institutions that didn’t buy into the sudden blockchain revolution, now see the cryptocurrency as far more valuable than even $20,000 – but due to its use as an inflation hedge.
The worlds wealthy are looking into BTC as a way to protect buying power following whatever fallout that’s to come from a society-altering year.
Read more here (https://bitcoinist.com/bitcoin-analyst-deep-correction-coming-with-december-17-pivot-point-reached/)