Bitcoin has just received a resounding endorsement, and that too from an unexpected quarter. The former professional kickboxer and controversial social media star, Andrew Tate, has now publicized his intent to invest a significant amount of money in Bitcoin.
I know I’m not supposed to do this in chaotic times but I’m about to leave fiat completely and ape over 100M into btc.
And I’ll even prove I did it.
I’m done with the banks.
I’m done with their money.
Done with the scams.
Then I’m going boating.
— Andrew Tate (@Cobratate) May 15, 2024
To wit, Tate has announced via an X post that he will invest $100 million in Bitcoin:
“I know I’m not supposed to do this in chaotic times but I’m about to leave fiat completely and ape over 100M into btc.”
Tate also professed that he is “done with the scams,” which harkens to his past as a “fake guru” when he used to scam men out of millions, as per his own confession.
Interestingly, the fact that Andrew Tate is announcing his intention to invest in Bitcoin while simultaneously repudiating all scams suggests that the former kickboxer doesn’t believe that the cryptocurrency is one. This, of course, constitutes a sizable change of heart from just a few weeks back when he dubbed all crypto investors “dorks.”
Bitcoin’s Ongoing Consolidation
We noted recently that Bitcoin was towing its 2016 analog almost tick for tick. In line with this analog, the cryptocurrency has now exited the so-called danger zone, which had characterized an extended period of weakness following the halving event in 2016.
When Bitcoin reached new All Time Highs this March…#BTC had been accelerating in this cycle by 260 days ahead of typical Halving cycles
This acceleration has now dropped to 200 days due Bitcoin’s two-month consolidation between ~$60000 & ~$70000$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) May 15, 2024
This exit, however, does not mean that rip-roaring gains lie in Bitcoin’s immediate vicinity. Rather, as noted by Rekt Capital, Bitcoin’s ongoing bullish cycle has been marked by an uncharacteristic acceleration, which has moderated somewhat after the cryptocurrency’s consolidation over the past few weeks. Accordingly, we will not be surprised if Bitcoin continues in its current state of doldrums for a further 200 days, which would align the current bullish cycle with historical norms.
Historically, bitcoin miner revenue recovers 2-5 months after a halving, and after that bitcoin price goes vertical🔴 pic.twitter.com/AdCQSvvsbq
— PlanB (@100trillionUSD) May 14, 2024
As additional evidence, consider the fact that it generally takes Bitcoin’s miners between two and five months to recover from the post-halving upheaval, which then paves the way for new all-time highs.
Do you think Andrew Tate’s investment in Bitcoin bodes well for the prospects of the world’s largest cryptocurrency? Let us know your thoughts in the comments section below.
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