Earlier today I found this video www.youtube.com/watch?v=f66xtu9x... which shows the price movements since the day 1 of Bitcoin.
We had several bull runs just like this one and each one you observe without looking at the price may fool you into thinking you are looking at the most recent chart (2017-2018).
I think we should go way up in coming years, but that's that, years, not days, but years. Psychologically there needs to be complete mass capitulation, people need to feel nausea when someone mentions Bitcoins, because it reminds them of giant losses. Masses need to ignore any price movements until 20.000 is breached, they will think of any jump as just another manipulation to make them put money in, only to lose it in few days. They will repeat this to themselves few times, until they feel like they are missing out again and that we are actually going way higher than 20.000 this time. This has repeated through/out BTC's history, I remember that after the crash in 2013/2014 people ignored this and even when it recovered it seemed like just some speculative bubble and was massively ignored until 3-5.000 levels. I believe we may see this again and I think we may even visit 2500 in this bear season. As BTC likes to go 50x in its rallies going 50x2500 may bring us above 100.000 a magic level many like to mention (just like they mentioned 10.000 and then 20.000 when we were at 1.000 only).
And this my friends, this may happen but after a lot of time passes. BTC took between 4-7 (annual) quarters to start a recovery from each crash, so it isn't unrealistic to expect this wait again. As we already went through 1 quarter of corrections, we are expected to wait another 3-6 to see final consolidation after the bottom is reached.
These are just my thoughts in few words, big bearish waves are still holding count, 4500 may come in play, but we may need even more for complete capitulation, say 2500. I know mining costs are important factor, but just like in any production industry, sometimes after big earnings comes a period of time when factories work for a loss, many mining farms will stop working, competition will go down and just as mining rigs see profit again once enough miners are out of business and noone talks about this, we are quietly going to start pawing way to a new surge in prices, maybe even 100.000, but we are most likely talking about year 2020.
This should remain volatile and some day trading strategies may still work, we will see, but HODL strategy won't see profits for many many months to come.
Stay profitable and enjoy the Easter!
We had several bull runs just like this one and each one you observe without looking at the price may fool you into thinking you are looking at the most recent chart (2017-2018).
I think we should go way up in coming years, but that's that, years, not days, but years. Psychologically there needs to be complete mass capitulation, people need to feel nausea when someone mentions Bitcoins, because it reminds them of giant losses. Masses need to ignore any price movements until 20.000 is breached, they will think of any jump as just another manipulation to make them put money in, only to lose it in few days. They will repeat this to themselves few times, until they feel like they are missing out again and that we are actually going way higher than 20.000 this time. This has repeated through/out BTC's history, I remember that after the crash in 2013/2014 people ignored this and even when it recovered it seemed like just some speculative bubble and was massively ignored until 3-5.000 levels. I believe we may see this again and I think we may even visit 2500 in this bear season. As BTC likes to go 50x in its rallies going 50x2500 may bring us above 100.000 a magic level many like to mention (just like they mentioned 10.000 and then 20.000 when we were at 1.000 only).
And this my friends, this may happen but after a lot of time passes. BTC took between 4-7 (annual) quarters to start a recovery from each crash, so it isn't unrealistic to expect this wait again. As we already went through 1 quarter of corrections, we are expected to wait another 3-6 to see final consolidation after the bottom is reached.
These are just my thoughts in few words, big bearish waves are still holding count, 4500 may come in play, but we may need even more for complete capitulation, say 2500. I know mining costs are important factor, but just like in any production industry, sometimes after big earnings comes a period of time when factories work for a loss, many mining farms will stop working, competition will go down and just as mining rigs see profit again once enough miners are out of business and noone talks about this, we are quietly going to start pawing way to a new surge in prices, maybe even 100.000, but we are most likely talking about year 2020.
This should remain volatile and some day trading strategies may still work, we will see, but HODL strategy won't see profits for many many months to come.
Stay profitable and enjoy the Easter!
Comment:
'Next time your cab driver or a relative which never traded wants to invest in Bitcoin because "it's price just keeps going up", you'll know you are in a bull market that has strength to go over 20.000'
Comment:
Just a reminder - from a person who called a top
pbs.twimg.com/media/...4MUQAAUvUg.jpg:large
pbs.twimg.com/media/...4MUQAAUvUg.jpg:large