The Case for $1 Million BTC(But Not This Cycle)
Two members of the Sweden Democrats, the Riksdag’s right-leaning, second-largest party, have submitted a motion urging the government to examine whether Sweden should create a national Bitcoin reserve.
The motion, filed on Oct. 1 by Dennis Dioukarev and David Perez, calls for an investigation into how to build a strategic Bitcoin reserve and which authority is appropriate to manage it. It also proposes that the government confirm it does not intend to change the definition of legal tender or introduce a central bank digital currency.
source
Oh Sweden, the country that let in so many immigrants, seeing them as a business opportunity but actually found itself losing control over the situation...
I've been to Sweden. I've been to Norway. Both are great countries, and both are Bitcoin-friendly. I'm stoked to read this kind of news daily because I've been into crypto for a while now, and I want to see it thrive. I also want to see my bags pump, too.
September was a stressful month because the whole market turned red when "it was supposed" to start galloping toward new ATHs... Satoshi rugged us once again. Some even go so far as to say he's not actually a he but an organization, like the CIA, for example.
Enough with the paranoid thoughts, though, shall we? So, Bitcoin is all over the news (sort of) once again, and soon grandmas will be buying it because the market hasn't peaked yet. No sir...
RSI is a solid indicator for spotting a peak for BTC, and it's currently at 71. Back in 2021, it hit a peak of 93, and most people probably expect it to do the same. I don't think so...There are, however, talks here and there about a $1 million BTC, and that makes me think we won't see it go that high.
Whenever the masses (and crypto-related media) start thinking alike, the exact opposite happens.
We're seeing gold rallying hard lately, silver's doing it too, and crypto is catching up, but I doubt BTC will hit $1,000,000 this cycle. It was supposed to break $200,000 in 2021, but it only reached $69,000. Now $1 million is on the table, and we'll probably see something around $150,000 to $250,000 as a top.
The more unrealistic the targets on social media get, the closer the top is, and smart money knows it. Every time CT gets euphoric, a local peak hits. The same thing will happen with $1 million BTC.It'll happen, but not this cycle. Smart money will take profits—they always do—while plebs keep round-tripping their gains. Same shit every cycle.
Thanks for your attention,
Adrian