How to Spend $30k

The missus has this fascination with luxury bags. I think most ladies are attracted to these arm candies for reasons I'll probably never understand. I use bags, but I prefer them to be waterproof and slash-resistant. It doesn't matter if they are handcrafted by a master artisan, being bulletproof is enough to make me interested. But unless it projects an invisible force field, you won't catch me spending $30,000 for one.

Our consumer mindset leads us to believe that luxury items are signs of being successful. Bags, watches, pieces of jewelry, and cars are items to be splurged on. We usually wait for price drops so we can buy them. A 50% discount usually entices buyers.

Bitcoin (BTC) is now testing the $29,000-$30,000 support level. This is approximately a 50% drop from its $69,000+ high. For those waiting for a great deal, this is probably one of the best ones you can find. Would you rather buy a luxury item that will depreciate after a few years or invest in something that has the potential to at least triple medium to long term? Some technical analysts are predicting a six-digit BTC in 2022. An article in Forbes is predicting an $82k peak before the year ends.

Crypto analysts are expecting another drop before we see a move to the upside. I am no expert, but I agree with them. Most major BTC dips would meet the 200 Weekly Moving Average before a rebound. The chart below illustrates it.

I already bought it at the $29k level. I also have my buy orders at $26k and $24k. Nobody can predict the exact bottom, so I'll just continue buying as it goes down. And yeah, I won't probably be buying new clothes for a while. I rather sacrifice a bit of luxury for a chance to have financial freedom. Who knows? In a few years, I might be able to buy the wife the bag she wants with just the staking rewards from my portfolio.

I hope we reach the moon.

*This blog does not give any financial advice. Do your own research.