F&G: 84
Price: $93,000 or £73,000
Hashrate: 734 EH/s

When in doubt, zoom out.

I don’t know why anyone would be in doubt, but I thought it would be useful to stick this chart here. Full disclaimer: I am not a technical analyst. My extent of TA is bull flag and number go up.

But it’s useful to zoom out even on occasion. If you’re new to this space, which you probably are if you are here, look at where we are to appreciate the moment.

All time highs almost every day. We are now well and truly in what some call price discovery. This is a period of time that suffers to be called a ‘bubble’ by hindsight. But price discovery is more important than that. It is rooted in psychology and found in data. It is the free market acting according to its principles, and one that we can observe.

You are watching the bull run of 2024.

But it won’t last forever. This bull run is expected to charge until 2025, whereby at some point it is assumed that the market will take profits and Bitcoin will suffer one of its infamous drop in price.

It is assumed.

But there is the opposite of that statement also. There is the possibility that this cycle sees nation state adoption. There is the possibility, and it is a very distinct possibility, that the OTC desks run out of bitcoin. That means big money has to go to the open market.

And let me tell you.

Bids at the open market by big actors will drive bitcoin higher than perhaps anything we have seen before.

The supply and demand dynamic of Bitcoin is going to make itself felt very soon.

And people will ignore economic fundamentals such as this at their peril.

As InvestAnswers likes to put it:

‘Risk happens fast.’

And the risk of being on 0 bitcoin right now is the riskiest seat on the coaster.