We have seen bitcoin's peak of 2018 around 20,000 USD in January. Since then Bitcoin faced a lot of rejection in price with the lowest even below 6000 USD. Although there is a lot of resistance by buyers which helped it to reach 10,000 USD three times and fall again.
Market Sentiment
We know everyone investing is bitcoin is not familiar with to its core or hardly understands the fundamentals of blockchain technology. Most of the people are more of traders, who have seen bitcoin climbing up from $10 to $20,000 in few years. Which drives a lot of attention to the majority. Now we have a lot more people trading on Bitcoin by seeing candles but not the future.
2013-14 Crash
We have seen a major Bitcoin crash in the year 2013-14, where bitcoin went down from $1200 Aprx. to all the way to less than $300 USD. That didn't happen very fast, It took some time to reach that down mark and also took some time to break the $1200 mark again.
Is it happening Again?
Well, as they say, History repeats itself. If this is going to be the case then we might see bitcoin touching $3500 level. But According to me, that's highly unlikely this time because of many reasons. We have a pretty big awareness about bitcoin and blockchain technologies to a lot of people now, Even if they are investors or not. I am sure, you have encountered many people asking you about bitcoin and because of that, there is a huge buying support under $8000 level now.
We do have the witness this in the market, Bitcoin didn't stay below $8000 level for long instead quickly recovered and bounced back above $8000.
Similarly, I believe, There would be high selling pressure to Bitcoin, Once it reaches/crosses $11000 mark. As mentioned above, everyone here is not believing in the technology but to make some quick money.
When will it break $20,000 mark again?
This is something destined to happen but If someone is trying to provide you with the exact date, time or even a time period claiming to be correct is either doing a fraud or a part of a pump and dump group. This applies to every cryptocurrency not just bitcoin.
I personally believe, for bitcoin to break $20,000 barrier, it has to keep on creating a resistance level higher, as currently being $8000. Creating that much higher resistance level to be above $20k mark is not something, which is going to happen very soon but quite possible in next 6 months.
Again, this market is highly volatile and I don't believe anyone can make a perfect prediction.
I would love to hear your thoughts in comment section below, would request you guys to be a part of this conversation and lets spread our knowledge.
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The last few years have seen a bull run in around May
@xeniaioannou I am also thinking the same way...
Great minds:)
Followed and thanks
Yeah it could cross 20000 spot once again seeming like this.
It will that is for certain :)
I loved your very balanced and informative approach. You are right that it will go above 20K but when and how is not sure.
@prameshtyagi Thank you, I really appreciate your comment, keeps me motivated.
I see it going below 6000 once again. My speculation is based on my study of the graph. Let us see what happens. Fingers crossed. :)
İt's long way to climb 20K for sure. I think you are righ,t it takes six or more months to recover the bitcoin. But people interest can make price rise in the long run.
i think you cant be sure what the future will bring. if bitcoin (and cryptos in general) stay legal and dont get overregulated the value will rise with adoption. could verywell be that quite the opposite will happen - noone can know
@fi3ur This is a highly unpredictable market, we cannot know for sure anyway...
We still have not had the FIAT correction that keeps getting buried with "injections", "stimulus pkgs" and other fancy words that means printing more money. That correction, will be the catalyst for the next run...when? Yeah who knows really.
@cryptocoinexam Agreed, all we can do is wait for it :)
The writers like you need the steemit community. By doing so you can succeed in providing us very good information. I am proud that I am part of this society. I read every article you need. And indeed I responded very much to you and your articles.
I know you can climb the highest mountains. Never lose faith in yourself. Good luck!
All the best for a bright future! May there be success at every turn of life and all your dreams come true!
thank you @vivekkanade
What i believe is just that crytos got good future and no one can ever predict
i think the crypto universe is to big, for another 2 year lull personally. to many great projects out their now.
The Genie is out of the bottle
@crypto3em3 and it's quite hard to control this genie...
I have been saying that we will not see any breakouts until after the US tax season ends in April. But even then we will stay in the same pattern because Bitcoin right now is a pump and dump opportunity being led by traders. Some of these guys have thousands of automated accounts that are running the market up and down and they make lots of money each time. Just having wishful thinking will not move Bitcoin out of this cycle. What will is when we get some real use cases and reasons for Bitcoin to move other than hype or speculation. When there is an ability to understand what Bitcoin as a business actually looks like things will change.
But we all need to be prepared for what that actually means. There is a possibility which very few talk about where Bitcoin actually gets valued at $500 or even less, not 20k or even 100k like I am always hearing. Bitcoin has to show what it can actually do rather than tease everyone with fantastic stories about changing everything. This will result as a combination of factors including the regulation put around it. Then as mentioned there will be a chance to evaluate it on its own merits rather than the 10,000 youtube pundits and armies of fast talking market makers who are shilling it and the other crypto currencies around the planet. These guys do not care about the industry or any of the companies in it and they get paid no matter which way things go. When these fools are locked out, we will at least be able to start focusing on real issues without all of the noise and begin to assess what we actually have.
I want to be clear that this does not mean anything for other cryptocurrencies, but they will each have to do the same. Stop making claims and make some money and let us value you traditionally.
I give this roller coaster ride another two years before things change and use case will win out over hype. The hype machines by that time will all be either regulated out of existence or people will just be too exhausted to be worked up into some unwarranted excitement every other day . In the meantime prepare to have this same conversation in 1, 3, 5, 8, 11, 14, 16, and 20 months. Just my opinions. Thanks.
Thank you @davidallenjones for your valuable input. I do agree with your statement, Even i am thinking of a bull run in or after April.
I wrote about it a few days ago:): https://steemit.com/bitcoin/@dailytop10open/bitcoin-death-cross
@dailytop10open Nice post mate
I think it will take time but as usual Bitcoin is bound to reach its height.
Sorry to say,but i wish a little more downfall. kuch khareed to lun 😀.
@shagungupta Lolzz... It's never too late to hold the King... Whatever you put in will be rewarded for sure.
Hamara bhi soch lo... 😋
Unpredictable.
There is no exact prediction in this case.
But yaa, I do have the same thought as you. Bitcoin will break $20,000 barrier? Why not.
@fitrianizar But it's going to take sometime, I believe.
For sure👌
I agree with you and believe that Bitcoin will still rise above 2017 high this year. I am having a long term perspective despite the volatility of cryptos.
Just have to HODL to them SBDs before cashing them out!!
SBD is not a good holding option in my opinion but yes Steem certainly is @davids-tales
that's amazing If its could happen...
@sanach This will be happening but waiting is something that drives us all crazy...
Ahan!
I'm just waiting for John McAfee to eat his dick on live tv if Bitcoin doesn't hit $1Million by 2020, which was his prediction!!! 😁
Thanks from your information
@information7 :)
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Great article
Its clear when you look at the history of btc prices that is peaks and troughs
One time it dropped 74% in val ue another was over 90%!! It happens but always has gone up (more and more people who believe in it's cause and see cryptos as more than a way to just make money are buying and mining btc)
I am one who holds mine as I beieve it will break at least 30-40 grand by Dec 18
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