I believe in Bitcoin and I´m a fan of CryptoCurrencies in general, but what we´ve seen the last week is, at least in my opinion, even for Bitcoin just a little bit too much. We´ve seen a price increase from about 9000$ to now over 15.000$. That´s 75% in a single week!
I might not be an expert but I really think that it´s time for a little rest and a consolidation back to levels between 10.000$ - 12.000$ before it goes up to 20k and more. I honestly think that in case we are not seeing a little bigger correction within the next days it´ll blow up even worse at higher levels, which might lead to a correction of more than 50% in the end scaring off the public.
Yes I know Bitcoin will get to a Million one day but come on let´s be realistic that was just too much this week. A healthy growth is good and will lead to sustaining high values in future. Therefore I´m pro correction, which will not affect the hodlers but ensure a more solid rise in the Price of BTC!
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yup and never forgive myself for selling em all few months ago...attract to fiat ...
hehe yeah I´ll never forgive myself for not buying more in the beginning of this year whenever I came into crypto...
I think we're all feeling this right now.
Yeah I guess so. I really hope though that the price will rise in a healthy way with some corrections as we might otherwise see a huge crash one day to ways lower levels before it goes to the moon.
It's time to stop analyzing bitcoin just as a regular stock asset. We are facing something completely different here. We have had more than enough examples this is not just another asset from a great company, it is something new we have never seen nor experienced before. Human nature is to compare but we just can not compare this behaviour with anything we have experienced before.
While I am a believer in both bitcoin and stocks, this is the kind of talk that was going on in 1999 in the Dot Com Bubble. ...We need to stop analyzing these internet stocks as regular stocks because they are different....
I think there is one real difference though today, which is the Internet. Back then it was all just in newspapers but now it´s real time and everywhere including all the people around the globe. But let´s see where we go in the end :)
I agree but come on 75% in a single week can´t be good anymore for a healthy longrun growth. I can see 10% per week as reasonable but at a certain point I refuse to believe that it´s still good for Bitcoin. I rather want to see it grow massively in "smaller" numbers than experiencing a huge crash one day.
We will have to wait and see, but for me, it is also insane to have anything grow x15 in a year. It is just the result of mainstream adoption on something quite scarf. Most of the people which have bitcoin are just holders, they do not sell or trade, this makes trading volume is very small compared to any other stock, security or future/option contract. That's why I just stopped applying technical analysis a long ago. I try to understand the business models behind any crypto project, the development team and the rules behind it.
Definitely. That´s why I like Ripple so much as it has a real world usecase that could change the whole banking industry , just before cryptos take over ;)
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money...plus bitcoin mining is becomng so expensive now that unfortunately people will lose interest i think investing into btc wont be the best option u hv right nw
There might be some Altcoins out there which might outperform Bitcoin in the end. But first you gotta find them and hold them long enough. I really believe in BTC but we need a healthy correction now of at least 20%
Its getting too expensive man... + today my mining rig on NiceHash miner was crashed they had around 120000 shatoshi pending payment all gone :( worst day i ever had
That was really a bad thing to happen. I hope though that the mining operation goes on and you may still make profits in the longrun!
Though it's skyrocketing, I'm still so scared to buy!! gosh!!
That´s what I guess many people are thinking as well. In case it goes up too fast they will refuse to invest as it´s considered a bubble and at a certain time whenever a big whale believes that it´ll really go down. Corrections are healthy and nothing bad after all for Bitcoins longtime growth.
I just started with $20. lol
Maybe those 20 will be worth 200 one day, who knows ;)
hopefully! crossing my fingers.. lol
ah no worries it'll work out in the end :)
A lot of things happened this week. For instance The Big Bang Theory had an episode dedicated to bitcoin. Also, do you think Christmas coming up had something to do with BTC prices? It sounds weird, but there might be a correlation in my opinion.
Na I don´t really think that Christmas had anything to do with it. I´m really curious though what´ll happen whenever the futures go live on monday...
Haha I keep saying it has to correct and it just keeps going up.
If I say it it's not going to correct maybe it will decide to correct? I've given up at this point and just enjoying the buying frenzy on the sidelines. I might start buying BTC again when everyone starts saying it's old, outdated, and going to go to $0.
Yeah we just experience a huge push, which I think will have to correct at a certain point for sure to allow BTC to rise in a healthy way. Let´s see when this will happen but I somehow think it´ll be soon.
With the CBOE initiating Bitcoin futures next week, instituitional money needs to buy up enough bitcoin that they can offer some futures.
I rather think that people who want to short it are pushing it a little beforehand. Just to make their profits even more massive. But that´s all conspiracy now :D
There will be corrections surely that could see us looking at $5000 BTC again.
These types of events are great because the show the scope and potential of Bitcoin and cryptocurrencies.
It shows that people need to start paying attention because even if in the long run Bitcoin isn't the currency of choice, blockchain technology is here to stay!
Great post thanks for sharing.
Definitely, the Blockchain technology itself will stay for sure. What´s going to happen with Cryptos is unknown though but I really believe in a great future as long as we don´t scare of the public with too big jumps.
Im thinking the same, this up grow is too fast... Though it might be because once the 10K barrier is broken the next psychological barrier could be 20K, imagine someone who bought BTC at 10K wont want to take profit at least until it hit 20K to get the 100% profit, it might happen a lot faster now...
So its not crazy to see 20K before year ends, and 50K in q1 of 2018, there is too much hype and institution money coming in...
I really don´t know what to think of all that right now. The gains this week are just so massive and I somehow just don´t believe that it´ll go on like that without a short correction inbetween. But let´s see what happens ;) In Crypto you never know.
I've been dreading a major correction in the market for a while but it seems bitcoin is going from strength to strength. Still, I think I'm going to hold back from investing more until we see what comes of the upcoming futures launch.
Thing is those futures are hyped too much. They are all cash settled and therefore don´t even touch bitcoin at any point. So I don´t think they´ll really influence the price at all.
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