Don't panic, were almost there!
Its no surprise that bitcoin took another dive today, dragging the rest of the crypto market down with it. The negative attention from the media is causing panic sellers to push the price down further than it should, which isn't surprising in this market. Bitcoin always over corrects in either direction at the end of every swing. If your new to this market which many of you probably are, it must feel gut wrenching to see the market come down so quickly and rightly so. Not a very warm welcome for all the new comers coming in the crypto space. I know how awful it feels when your just starting off as I too have gone through it many times over the last 2 years. Obviously this is a big correction but it will correct the same way it always does after a re-balancing of the markets. You just have to keep in mind that the run up recently went way too high for the market to sustain, so it needs to come back down to level where it can build support for another wave of growth.
The good news, is that there is more indications that the bottom is getting near and big investors (smart money) are getting back in to there long positions. I know its hard to see the light at the end of the tunnel, but its there, and the market rebound is coming!
Below is a chart of the Long vs Short postions. Orange represents the shorts. As you can see, the short position really dropped quickly and longs have been increasing.
Long = Buy
Short= Sell
My predication is that bitcoin will be trading above 50k this year!
Bitcoin has been through many ups and downs during its life span. 50% corrections are not uncommon and the one thing that still holds true is that bitcoin has always bounced back stronger. Its not unusually for any new revolutionary technology (like the internet) to be extremely volatile in the early stages of its adoption. Yes facebook,Apple, IBM, Google were all extremely volatile too when they emerged in to the tech market. The only difference is that this is much bigger of a technological revolution than anything else that has come before. So don't be surprised if we continue to have these huge wildly swings to continue for years to come. A revolution doesn't just happen over night, it takes time for something this big to become adopted. So for all those people hating on bitcoin because its volatility, you're missing the point. This is the fastest growing market EVER, period! Who in there right mind expects it to be stable right now?? It will take years of volatility to become as stable as gold but that doesn't mean you should miss out on the most opportunistic part of it's development.
2018 will be the year retail consumers get in to Cryptocurrencies
Ive personally talked to a few people high up in the retail sector that mentioned they are seriously looking at crypto right now. I was kind of shocked to be honest, I thought we were a year or two away from that. I wouldn't be surprised if this correction right now is the moment many of these retail consumers and institutions come in to the space.
I searched through an endless supply of negative articles today to find you some positive outlooks on bitcoin lol
- Bitcoin Will Stabilize, Hit $50K by 2019: Neu-Ner
- Bitcoin’s Correction Could Well Have Shaken Out Potentially Damaging Investors
- You Don’t Understand Bitcoin, But You Understand Free Money
My recent blogs
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@originalworks
We hope the market is corrected as soon as possible, get a stable position to start the year on the right foot, and get good stability for the whole year
I agree, were all in this together! HODL lol :)
ANON READY FOR STRIKE !
haha! strike the government
Keep on HODLing!!
Yes sir! I am hodling tight, and won't budge lol
I like the way you think :D I believe it’s all temporary . Even though I’m too scared to look at my crypto wallet, I’m gonna HODL because what goes up must come down. It will eventually go back upto it’s high and Work beyond that
The underlying tech behind the top cryptos including steemit are getting better every day. That's far more important than short term price action :)
Thank you very much for this good news...truth me told alot of persons are scared
..
Be greedy when others are fearful :)
Thank you for the motivation and guidace
But one thing is that in the 3 month time period this time its goes very low
Bht hope for the best
Your right, this is bigger than a typical correction but bitcoin also went up a lot in 2017. Don't worry we will see another ATH before you know it :)
政府的监管使得市场看起来很糟糕
但是我相信比特币会重新创造更高的价格
好运我的朋友
是的，似乎政府正在共同管理比特币。他们只是想要纳税。
The government is worried that bitcoin will affect its central bank printing money.
How did you get that long v short data? Also is it relevant? Because crypto is decentralised across so many exchanges, how can you be confident in the data?
Thanks for stopping by my blog earlier too, mate. It’s cool to see that we think the same way when it comes to market psychology so I’ve given you a follow. See you around! 😎
Hey forexbrokr, you can find this data along with many other potentially useful data on tradingview.com. Just go to there search box and type BTC for a list of btc data. I wouldn't rely on any one source of data on its own but the long and short positions do give us some insight on what the market thinks. Especially when we see extreme swings in shorts.
Thanks for stopping by! I'm following you too :)
Looking at short term, the outcome of the SEC and CFTC will definitely impact the prices. Analyzing the news in the past weeks, it looks like the SEC is favorable in bitcoin but just need regulations which is a good move to safe guard the consumers. So, I think it will be good to buy more cryptos before the hearing later today :)
I'm also optimistic about the SEC hearing. I also think they're starting to warm up to the idea of approving ETF's soon.
Im liking the positivity. Excellent presentation, easily understood.
Hoping for big swing up as well, would YUGEEEEE! Pay off student loans and hit the road!
Things are looking better today! :)
sounds pretty good, the January sale is awesome !!!
I don't mind some cheap coins lol now up we go!
I’m excited for the future of Steem and other cryptos! It’s quite the roller coaster that’s for sure! I’m in it for the long haul! Thanks again for always reassuring us little guys. ✌️
The journey has just begun! Steemit will shoot right to the top!
Not sure if we've seen just the bottom yet, but I certainly hope so. It's been a hard hit way down...haha...what can I say, I can only laugh at myself at this point since this is so sad. All bets are in and I'm trying to pick up as much Bitcoin as possible.
That's my goal as well, forget about the USD value and just accumulate as much crypto as we can :)
you create a great post....i impressed to see it...Lot of thanks for Sharing this informative and valuable post....best of luck brother....
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