This is a good moment for investors to cashout profit they need for daily expenses made from recent bitcoin purchases, when bitcoin was near 19,000$-20,000$. But since there is no apparent solid reason for this pump, I believe it's too risky to claim we are entering a new stage in crypto market. We need to understand what is causing these positive fluctuations yet and if they are trustful enough to draw an upside tendency on medium term.
Curiously, it seems Tesla and Elon Musk didn't like the recent pump very much, because as soon as bitcoin started rising, he made sure to infest news' portals announcing Tesla has sold BTC holdings... The intention is clear: to revert the positive tendency. The question is, why?
The market is acting crazy these days. Anything that happens in the real world, can directly affect BTC's price in the short term. Now Tesla announced the sale of its BTC holdings in order to drive market prices even further down the drain. Stocks are also in bearish mode, so it's unlikely things will settle anytime soon. The real problem the world is facing right now are rising food, gas, and energy costs. How can you expect the crypto market to recover if the global economy is in taters? If the economy doesn't recover by 2024, the next BTC halving won't have any profound effects over crypto market prices. These are uncertain times we're living into, so the best we can do is accumulate with the hopes of seeing the light at the end of the tunnel. Just my thoughts
It is true that entering the year 2022 there are many bad events in this world. What is quite surprising is the Russian invasion of Ukraine,
after that the number of unemployed also increased in many countries, not to mention the increase in food which made daily expenses high.
No wonder a country like Sri Lanka went bankrupt, because indeed the world is not doing well. Seeing quite a lot of negative things happening
in this world, I am pessimistic that the market will recover in the near future. I really hope the crypto market can recover in 2023, otherwise
what the crypto community fears the most is that the BTC halving has no effect anymore. Even so, we must not despair, miracles may happen,
as you said the best thing that can be done is to keep believing in the future of crypto and continue to accumulate coins that we consider potential.
Hopefully the bear market can end at the end of this year, and entering 2023 the market can recover.