No need to panic

For the past 5 days, we have witnessed bitcoin struggle to conquer the $50k barrier, and today we are having a minor dip. I would not be surprised if this turned into a larger dip come September, but I don't think there is any reason to worry for the following reasons:

1. Bitcoin has had 5 consecutive green weeks, which rarely happens, and will eventually have a pull back.
2. We have all seen increasing evidence of mass adoption this year, and it seems to have increased over the past couple of months. In my opinion, any big player that has been watching these past 5 weeks is waiting for a pull back to hop in.
3. Two of the main reasons that caused the >50% drop back in May was China banning crypto mining and Bitcoin consuming large amounts of energy generated from dirty sources. Both these issues seem to be improving, in that Bitcoin hashrate has been on a steady incline since July and Bitcoin mining companies are moving toward more renewable energy solutions.
4. Supply held by Long-Term Bitcoin Holders has reached a new all-time high. This looks very similar to what happened in during the 2013 bull run. The hope here is Long-Term Holders will set a higher floor.
5. On-Chain accumulation trends show that a mix between small fish and whales are still accumulating Bitcoin, compared to it mostly being small fish accumulating during the last time we broke $50k in February. This points to a much stronger state of accumulation this time.
6. There are many models that give us a prediction of future performance based on historical performance. This post does a great job outlining many of them, and the common trend leans to bitcoin hitting a new ATH this year or early 2022. As the post says though, its always important to remember that “All models are wrong, but some are useful.”

Given the above, I am anticipating a bullish end to 2021 so I do not see a reason to worry much about any dips in the near term. The above information is by no means financial advise, and bearish information such as large amounts of Bitcoin flowing into exchanges should be not be neglected.