It looks like you are a typical long-term holder, for two years you didn't check the Bitcoin price development.
If we look at the trading chart two years ago Bitcoin which was priced at $ 6000, of course now Bitcoin is in
good shape or Bitcoin is on the right track to get to an all time high price. Hopefully, the current Bitcoin price
correction will not last long. Because I am still optimistic that this year Bitcoin will be able to touch the price
of $ 15,000.
I long on
BTC and also hope to see $15K this year too, but I am frustrated how much BTC has been tracking stocks, especially tech stocks this year and I am expecting another correction since there is really nothing to justify the stock market recovery with COVID impacting almost every sector (devastating is some!) If anything I would think BTC is viewed as a hedge given COVID has little direct impact (indirect of course since the world's economies are significantly impacted). Anyway, there are a number of articles highlighting the recent correlation, but this one has a decent chart:
Both bitcoin and tech stocks have tumbled – how much worse will it get?As I sidenote, that other bubblicious asset –
bitcoin – has this year been behaving like a tech stock. Here’s the Nasdaq in black, with bitcoin overlaid in red.
But here’s the question we all want to know the answer to: what happens next? Is this the beginning of something bigger, or a temporary blip – a mere aberration?
The volumes and violence of this correction make me inclined to favour the former. I know that the stockmarket and the economy are two very different beasts, but they are related, and the fact that we are in the biggest recession for probably 50 years, maybe even a hundred, inclines me to believe that the fundamentals aren’t totally bullish for stocks.
That said the money printer will go “brrr”, and when it does, inflation manifests itself in the stockmarket.