Finally a little dose of reality, Omar. I think is good you share this here cause you reach a lot more people than most crypto related channels. We def are on that bubble stage. I've been sharing those charts on steemit, showing the same patterns from 2013 repeating now, but I have no followers so not many ppl saw it, and the few who did did not believe it. I started selling all my alts for btc 12 days ago and finished selling the last of them 3 days ago. 2 days ago I sold 50% of my btc & now waiting for that last pump to sell the rest of my btc. I expect to buy bitcoin at $1200 - $1500 in a few months. Great video!
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Absolutely man- this is important stuff that needs to be shared, whether or not it's taking away the punch bowl from the party. Party seems a bit dead anyway, and though it'll kill some moods, it's important to unfog the lenses now and then.
I'm glad to hear I'm not the only crazy person who's noticed the pattern in the charts...let's see how it plays out from here.
Take care, dobe4ever, I appreciate the thoughtful response :)
Hey no worries, thanks for taking the time to answer :)
Check this out if you have time:
2013 blue
2017 purple.
I can't believe how similar the patterns are...
Even the one day and one week candles for the BTC/USD from this bubble are really similar with the ones from the 2013 bubble. I've been making charts of it HERE
With all and all, I'd like to add that the 2013 bubble formed & burst in just one month and it grew by 5 times since it started the parabolic movement. This one only grew by 3 times and it took 3 months to form and burst instead of one (Bitcoin price, I mean). Of course I could be wrong but in my opinion this crash won't be as violent as the last one, I think we will have more days to monitor the price movement to decide when to sell in the last pump. Also, after the crash, the recovery this time might come earlier. It took forever to recover from the last crash, that was like the great depression of the cryptos, it's not common to have great depressions that often. I don't think is likely to happen again. Things can't go up forever but neither go down forever.
Interesting analysis @dobe4ever thanks for posting
Hi thanks :) I appreciate it
Good comparison. Just one thing to add: in 2013 there was the MtGox debacle, which, by it's size (at the time) caused a major drop in crypto confidence. This time, at a first glance and since there are a lot of big exchanges, even if a debacle occurs, won't have the same effect as MtGox did. And last time there were few cryptos to "escape" to, so, fiat won. Now, your portfolio has a lot of "escape routes" and fiat currency isn't going to last much longer...
Hi thanks for the comment :) yeah everyone says the same about the mtgox, I think the mtgox in 2013 will be the bitcoin fork for 2017... When the technical analysis says something, even if the fundamentals say the opposite, usually there will be events that will cause the fundamentals to go in the direction the technical says... My humble opinion :P
This is interesting.
Thank you :)
I don't think it will drop that low.
No one knows... but if history continues repeating itself thats the estimate price. Not that I want to, but the charts speak so loud...