Things are happening so fast in the cryptocurrency world, sometimes it's hard to keep track. Today, we'll explain why Bitcoin is on track for the moon ($10,000 breakthrough). Let's dive in!
Bitcoin is Preparing for a Moonshot
Investors and analysts are noticing that all of the right statistics are aligning for a "moonshot"; it's likely that Bitcoin could surge as far as $10,000 or above in the near future.
As you can see from the above price graph, Bitcoin gained almost 1000% in the course of just one year. Factors are aligning rapidly, and I personally believe that we should anticipate an unbelievable surge soon.
Additionally, from a trading point-of-view through SMAs (simple moving averages), Bitcoin is on the bull side of the market.
Bitcoin Showing Resistance to Negativity
Bitcoin's price is largely affected by news events such as Venezuela's recent crisis, and the CME Group's Bitcoin Futures announcement.
This is likely the single most important factor deciding the day-to-day price for Bitcoin.
A while ago, Bitcoin's price was extremely volatile and was easily negative affected by "bad" news. Jamie Dimon's insults threw the price downwards, while China's recent regulation and hostility towards Bitcoin also led to dipping.
Bad news still exists, literally everywhere; in the past few days, the CEO of Credit Suisse called out Bitcoin as a "bubble", Vietnam outright banned BTC payment, and many are still ranting about the "Dimon-era" claims of "tulip mania."
But these days, an interesting revolution is unfolding: Bitcoin is becoming increasingly resistant/resilient to bad news. Good news sees to still help spike the price, but bad news seems to be occupied with no attention or price change.
I especially loved this article by @jrcornel on why (like the Honey Badger), Bitcoin simply does not care about bad news. The increase in liquidity accompanied by this "psychological shift" is very good news for Bitcoin.
Mentally Prepare for All Scenarios
Though markets are showing signs for a bull run, there are many things that could happen. Specifically, make sure you're prepared for a correction scenario.
The strongest reason for a possible correction would be the upcoming "hard fork chaos".
If those who bought in earlier (pre-$5k) largely decide to sell right now in order to capitalize on their profits, a sell wall could build up. You shouldn't be too worried if this does occur, as this has happened to Bitcoin an unbelievable amount of times with smooth recoveries.
However, do be prepared for the worst-case scenario at all times. This way, you're not psychologically stressed by anything that happens. Remember that a pessimist is never disappointed.
Conclusions
All of the factors necessary for an intense bull run are being put into place, and hopefully Bitcoin goes through to $10,000 and beyond. However, it's important to be realistic at times and prepare for the worst-case scenario, so you can cope with the situation if it does occur.
Cryptocurrencies in general are the best investments you can make, yielding profits phenomenally higher than forex, stocks, commodities, and other markets.
As the first cryptocurrency, Bitcoin still has a long way to go before mass acceptance, but every day we're getting closer to reaching the moon.
Thanks for reading,
— @mooncryption
image sources: 1, 2, 3, 4, 5, 6
note: Though I don't have a witness myself, @reggaemuffin does a lot to help minnows and users, so I strongly encourage you to vote for his witness or set @mooncryption as your proxy :)
And don't forget the institutional money is knocking at the door.
honey badger ;-p
Honey Badger don't care!
Bitcoin, like the Honey Badger, also doesn't care!
:P
"FlippyCoin" is just using Changelly's widget with an affiliate code. The only difference between using Changelly.com and FlippyCoin is that with FlippyCoin a portion of your transaction gets paid out to a scammer like @mralan.
lol i'm not sure this is what they had in mind in ny
:D I would hope not!
I had some bitcoin in a private wallet way before the bitcoin gold fork...now with segwit 2x fork will i get more bitcoin?
If you know your private keys (e.g. you are using your own personal cryptocurrency wallet, rather than an online one or an exchange) you will receive forked coins.
If a Bitcoin fork occurs splitting Bitcoin into BTC #1 and BTC #2, you will always receive both as long as you know your private key.
Thanks for the info...I will hold on to it past the fork and see what happens :))
I share the same opinion
Keep up the good work
I do believe that Bitcoin is going to have a correction after the hardfork due to many people selling. But this will drive up the price of alt coins. Regardless, it's going to be a good holiday season for crypto!
The hardfork is worrying lots of people, which is why if a correction does occur, I would blame it on the fork. However, a low price isn't bad in all ways—that could be an opportunity for me to scoop up some more Bitcoin!
Totally agree....if Bitcoin rises, I am satisfied being invested already.....if it goes down, also great for investing more, and a good chance for beginners to rush in as well.
Being just in the EARLY ADOPTERS phase of the BELL CURVE right now, mainstream is on the doorsteps to flood in....So all in all: BRIGHT FUTURE AHEAD!
Exactly. Well said.
img credz: pixabay.com
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good job
thanks for this post ^^
This wonderful post has received a bellyrub 2.98 % upvote from @bellyrub.
Won't hurt to have a little bit of correction so we can see the price solidify rather then the shift back and forth. It is so high right now with volume that's not natural, it is scaring me!
I'm ready snatch some more bitcoin....but the speculation of a downfall ahhhhh.... :(
I've found the best practice is to never panic sell Bitcoin. If it rises, that's great— you profited. If it goes downwards, buy some more Bitcoin at the lower price.
The above strategy has worked very well for me and has led to lots of profit overall :)
Very good explanation thank you!
Thank you, interesting read, subscribed on you
I agree!
Thanks For Your Good Information.
Sure.
Yah.I request you plzz upvote my comments as your wish.
I simply love your articles, what great content and quality of posting you offer the community here on Steemit and abroad.
Thanks a lot :)
Thanks :)
Bitcoin is on FIRE, going to Moon Very Fast...$7100+++++
$7200 now! Let's hope we're right about that.
The one and only that we can do just protect btc's account from banned :D
Thanks For Your Good Information.
@mooncryption, Your contributions to our common cause have enabled me to help you with this up-vote! I very well remember that you started feeding me 5 days ago. Together, we both become stronger every day.
Yours, Spinny
I like very much when everyone who feeds me also reads my friend’s posts, so please visit @thecryptotrader and read what he has to say! Your name will also appear here. :-) Join my Discord server if you want to meet others: https://discord.gg/Mz2EZP3
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I wrote this article which is targeted to people who feel it is too late to get in and participate in the exploding crypto/blockchain sector. https://steemit.com/cryptocurrency/@motowngold/bitoin-crosses-7000-dollars-what-can-you-do-about-it-some-investing-ideas-including-crypto-related-stocks