“It might make sense just to get some in case it catches on.”
— Satoshi Nakamoto
November 21, 2025 — BTC has pulled back from its recent high of $126,000. It’s down. On the RSI, we’re seeing some oversold readings. This is actually a bullish sign. We’re seeing BTC bounce a little bit.
There’s a lot of talk that Michael Saylor, who runs MicroStrategy, will need to sell some of his BTC because he has to pay back his debt. There’s really not much to that. He’s even said he’s going to continue buying. They are going to continue raising capital to acquire BTC. So I wouldn’t really worry about that too much.
This is par for the course for crypto. Even when you have these big bull markets you have the tendency to have big pullbacks. Famously BTC — if we go all the way back to 2017.
2017 was when BTC really came on the map. It started the year around $1,000 and then ended the year around $20,000.
You had a 20X move in BTC in 2017. Pull up a chart from that year and you can see how overbought BTC was throughout the year. What is crazy about this — is that there’s a lot of red candles here — there were seven pullbacks here of 20% or more. There were three pullbacks of 30% or more.
When people thought the BTC rally was ending, it just turned out to be just the beginning. I remember there was a day in the summertime — I think it was in July — I published an article for Investopedia when BTC had its first major pullback. It was a Sunday. It was down 20% or something like that in a day.
I said something like, BTC’s bloody Sunday is just the beginning. Sure enough, it took off for the rest of the year.
When you start to hear BTC more in the news, people get attracted to it and they start buying. It’s really interesting about this sector. You haven’t heard much about BTC and all the sudden the news is talking about it because it’s down so much.
People who have been waiting on the sidelines think to themselves, wow, I was waiting for a pullback. Then they start getting activated again. This has happened time and time again throughout BTC’s history. Nothing in the narrative has changed.
The narrative for BTC and other cryptocurrencies is that every government around the world has high debt-to-GDP ratios. It means they are going to print more currency. It means there is a need for alternative currency. In the past, this alternative currency was gold.
Gold is not very portable. It’s a good store of value. It’s not as great of a store of value as BTC in terms of actually storing it. BTC, you can store it on a hard drive or at Coinbase. Gold, if you have bars you have to keep them in a bank or you have to dig a hole in your backyard. And you can’t send gold around the world as easily as you can send BTC.
I still think this rally has legs. If you go back to where the breakout happened, we were really in November of 2024 that was the beginning of this bull market in my mind because that was the first time we hit an all-time high in a couple years. Then we rallied. We pulled back. We tested that level again.
The uptrend, in my mind and with what I’m seeing, is still intact. We’re just in an oversold condition right now.
Regards,
Ian King
Banyan Hill & Grey Swan Investment Fraternity
P.S. from Addison: Ian’s thoughts on bitcoin came from his investment service, Strategic Fortunes, earlier this week. Ian and Mark Jeftovic provided a great overview of the crypto market in Grey Swan Live! this week.
If you’re interested in more detailed analysis on cryptocurrency opportunities beyond bitcoin, we highly recommend you check out his work. Ian is also one of our go-to experts on high-tech trends. Like bitcoin, that part of the market has been down and out in recent weeks – but should perform better as liquidity returns.
***Quick Update: We just concluded our tax webinar with Nick Buhelos. Here are two important takeaways:
- If you take advantage of the free LLC we arranged for paid-up members of the Grey Swan Investment Fraternity, Nick and his team at Prime Financial Services will provide you with a list of 250 tax-deductible items you’ll be able to take advantage of this tax year 2025.
- You’ll also be able to deduct the membership fee you paid to become a member of Grey Swan!
Those deductions apply whether you make money with the recommendations in the Grey Swan Monthly Bulletin and Library of Special Reports… or not. That includes any profits you may have made with Ian or Mark’s bitcoin and crypto recommendations.
Either way, with the proper setup, you can slash your tax liability legally under current tax law and the changes that will be implemented with the Big Beautiful Bill on January 1, 2026.
The time was short, so we’re going to keep your access open for the weekend, including a link to register your trading LLC – free of charges from Prime Financial Services. (You still have to pay the incorporation fees to your state.)
Nick and Weston are packaging up a replay. We’ll have it out to you, including the registration link as soon as we get it from them. We’ll keep the link open for a limited time.
Be sure to take advantage of the opportunity as soon as you receive the tax webinar replay email in your inbox. Do it now before the holiday season distracts you! You’ll be happy you did. Enjoy your weekend.
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