If I'm not mistaken, the last bottom we have seen is around $50,000, during the so called German government selling their Bitcoin. So in this case, there are still a lot of selling pressures, so who knows, maybe we can see at least less than the last bottom and retest it.
So in any case, expect for the worst, we will have on Sept 18 the next meeting by the US Federal Reserve.
And by what we said, just continue what we have been doing in the last 2-3 months, just accumulate as much as we can, take advantage of the dip and just ride this bearish slide.
We have actually gone below the $50,000 price Mark last month, the dump that occurred in the August 5th took the bitcoin price to around $48,900 which was a good support left before and then was mitigated with the selling pressure still around I also expect a bottom but the $48,900 support still remains my strongest support.
The CPI news and meeting will actually give investors insight on what the economy is going through right now, the last time when the news of potential recession was broken, it created FUD and we had a huge dump if the September 18th news turns out negative then we might be hit with a bottom, which is not good at the moment because the fear will only increase.
Yes the idea is to keep accumulating for those who have spare funds to accumulate, as for those who can’t they should just look away from their portfolio because looking at it at the moment wouldn’t be good for them
