For Long Term Bitcoin Investors, Patience is Crucial

<p><strong>Bitcoin Market Update - July 7, 2021</strong><br>The market continues to look for direction as we see a steep decline in volume across the exchanges. We're not seeing much activity on-chain with the declining demand. However, the pre-existing trend of coins moving from short-term to longer-term investors is continuing to hold.</p><p>Price continues to range between $30K-35K and will continue to range until either sellers are exhausted, or institutional demand returns. It appears we are in a “sell in May and go away” regime. The process of understanding Bitcoin is no different for institutional investors than it is for individual investors. It requires time, focus, and research. This current phase of consolidation and accumulation will remove a considerable amount of supply if and when demand returns at the end of the summer.</p><p>As we continue through this mid-cycle correction, we continue to see press releases indicating continuing infrastructure development, strategic partnerships, and venture capital allocations into Bitcoin and crypto-centered companies. Infrastructure development is a crucial component to continued market growth as it is typically a lack of infrastructure that puts out the fire on bull markets. Broad infrastructure development brings new waves of investors by making Bitcoin more accessible and provides investors with a range of options to gain exposure. Therefore, it's essential to continue to monitor how, where, and the scale at which new infrastructure is being developed to support the Bitcoin and broader crypto ecosystem.<br></p><p><strong>Patience is Crucial</strong><br>For long-term investors, patience is critical during periods of consolidation. I harken back to a similar timeframe of incredible opportunity, the dot-com boom in the late '90s.  In 1998, Paul Krugman, the Nobel-prize winning economist that serves on the Editorial Board of the <em>New York Times</em>, famously stated, "The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'