I had made a comment on one of @emmyem84 blog posts about this and I figured I would make a post about it. Before I invested into crypto or knew what it was I thought that it was some bubble that would burst. Thinking back to that time it's amazing how mysterious Bitcoin can be until you do your own research.
There was this guy on Facebook, I honestly don't know how we became friends, that would make like five to ten posts a day about Bitcoin. It peaked my interest but I still thought it was a bubble. It wasn't until a friend suggested some videos to me that I started to do my own research. I watch a few of Mike Maloney's videos and it was pretty much off to the races on studying for me.
From everything that I had gathered, I came to my own conclusion that blockchain and cryptocurrency is the way of the future for humanity. When I decided to invest I decided that I would do it long term, a few years.
Now that brings me to my point of history repeating itself. I notice that every time Bitcoin goes down people think it's the end but when you look at the charts, it's actually history just repeating itself. Now I'm not in TA or some genius but I just try to use my common sense to figure out what going on. I went back to the beginning when Bitcoin started and the charts are identical.
Bitcoin in 2011 - $29.24 down to $2.13
Bitcoin 2013 to mid 2015 - $1101.75 down to $192.98
Bitcoin 2017 to today - Almost 20K down to $6990.50
After looking at all of that I believe Bitcoin's price can drop even more and when/if it does I'll be ready. I believe that history repeats itself and I want to position myself very nicely for the next bull run!!
I'm not a financial advisor and I have no clue what I'm talking about...have a nice day!
Till next time Steemians...Steem On!!
Personally I believe that Bitcoin will hit the lower low and go to somewhere around $5,000. That will be a 75% retracement from the highs and last time was 85% so I feel like it at least needs to do that and people will sort of have that indicator that we are around the bottom. I would rather it just happen fast so we can get it over with and start building again.
Yeah I definitely agree that Bitcoin will hit lower. I just think that it will be low for the next 1-2 years though.
This is a good write up, clear an to the point. It seem to miss the key points, although the data is there:
What is there but not pointed out or illustrated:
Thank you for pointing out the increases!!
My pleasure!
I use the ratio of 5:1 and extend to the latest again to give 500:100 and then 100:20 - nothing scientific about it and all for fun and speculation.
I really don't like Bitcoin.
Don't get me wrong, blockchain is great. I love useful coins. Bitcoin isn't any of that. Bitcoin is like a 28.8K modem - we have better shit now, stop trying to duct tape crap.
Coins with utility are the future.
Agreed. I never bought Bitcoin till this day. I believe it will be passed at some point. I use Bitcoin as the example because it pretty much dictates what will happen to the alt coins. I hope Litecoin becomes the leader in the future!
Here's my prediction. Bitcoin to $4,000-4,100 by the end of May. Then down to $2,000 by August. And yes, the crypto market will follow.
Yikes 😁😁!! If Bitcoin hits $2,000 then only the hardcore people that believe crypto is still the future will be around. I'll still be around picking up dirt cheap coins haha.
You probably never read my Bitcoin $1,000 post https://steemit.com/bitcoin/@getonthetrain/the-case-for-usd1-000-bitcoin
Which was a shortened version of the article I wrote for SeekingAlpha.com here: https://seekingalpha.com/article/4140126-bitcoin-will-fall-1000
That was a he'll of an article! Wish I could still upvote. I'm just investing every week. With each major drop I get a bit more aggressive. What are your thoughts on Litecoin?
Basically as does BTC, so goes LTC.
LTC tracks Bitcoin almost exactly, just maybe a tiny bit more exaggerated.
An interesting visual to review is that these previous declines hurt at the time they occurred but do you even see them on the long term charts anymore? Not really! They are only blips in the longer term trend of Bitcoin. So, if this will become the next blip on the chart, imagine where prices can go in the long term.
When you look at a chart and see the older declines compared to the current one, it just looks like a flat line. To really be able to see those declines you have to zone in to only those periods of time. But like you said imagine where prices could go in the long term!!
Some have predicted / speculated that BTC might go lower to 3,000 - 4,000 range and if that happened, we are still looking at 60,000 - 80,000 for BTC in a year if the "history" repeated itself, so to speak.
Hi @bryondallen. I do believe it has a high probably that bitcoin has further to go down. Steem is highly corilated to bitcoin. Doesn't look good in the near term. Yikes.
I definitely agree with you! For me this will allow for me to accumulate more coins. Once I have 1,000 Steem I may slow down. The good thing about this all is that when others lay back this will give us the chance to gain more ground easily!
It is a possibility. I think the market is a bit more stable then back then but it certainly could happen. What is sure is that after this bearish run we will see a big bull run. Thank you for sharing your article.
I agree. Bitcoin will go lower. There is too much bad sentiment at the moment.
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