Bitcoin’s Path

gold and black round coin

Image Source: Unsplash

Most assets seem to be joined at the hip. Gold, equities, Bitcoin, etc. It’s all the same. They tend to move up and down together. Because of that, cryptocurrency merits some respect, even if its own wanderings are just an approximation of what equities are doing.

Here’s the thing that’s important to remember: in spite of all the frenzied price projections for Bitcoin over the years, the price has moved lower than it was 41 months ago. Yes, it seems that buying Bitcoin in April 2021 would have yielded you a loss after all this time.

More germane for the present, BTC has still been engaged in a series of lower highs, which is the very essence of a downtrend (albeit a recent one). Don’t count on BTC to save the day anymore.