The Bitcoin markets have rallied again during the trading session on Tuesday, as we continue to see buyers come in on short-term dips. It looks as if the market has cleared several resistance areas that I was concerned about, so I think we will continue to see this type of move going forward. Ultimately, I think that short-term pullbacks will find plenty of buyers, least in the meantime, with the $10,000 level now becoming the new “floor” in the Bitcoin market against the US dollar. Longer-term, I think that we may try to wipe out the massive losses that we had seen, but it is going to take a lot of time and volume to finally do so. Because of this, we will get the occasional pullback, but for those of you willing to buy and hold, this should be a nice opportunity.
Bitcoin has broken above the ¥1.2 million level, an area that I had been concerned about. I think that the market will probably continue to show signs of value over time we pull back, and the ¥1 million level should be the “floor” of the market. I also recognize the ¥1.2 million level as potential support as well. I think that “buy on the dips” continues, and therefore giving us an opportunity to build up a larger position over the longer term. I recognize that the markets have a long way to go, and therefore this should be thought of as a marathon and not a sprint. If we were to roll over, I believe that there should be plenty of reason to look for value underneath.