Interesting way to approach BTC valuation. If we're to assume mass adoption of bitcoin at some future time, everything you brought up about supply and demand will have to come into play and it will very clearly drive the price of bitcoin up much higher than it has ever been.
I know I'm very relaxed about my relatively large position in bitcoin and across other cryptos (diverisfy...just in case).
On another note, you provided a nice, clean support and resistance level chart. I figured I might as well add a nice trendline chart to supplement it :)
Both are telling the same story up this point -- no major tests of bullishness have really even taken place! This is no time to panic, even from the short-term perspective, IMO.
Exactly! This pullback is all just business as normal in Bitcoin.
The alts are really bleeding, but as we know in crypto, as soon as the big boys settle down, we'll see money come back in and it can just as quickly ping back up to where we were.
We all just need to take a deep breath haha.
Agreed.
There's never a bad time to take a deep breath...unless you're stuck in an elevator with a "gassy" person, so they say.