The CryptoKick Observations August 21
Hello Cryptoverse!
Disclaimer: I am not your financial advisor and this is not financial advice. This is just my personal view on the crypto currency market. Please, do yourself a favor, only invest what you can afford to lose.
Welcome to CryptoKick! Your one stop shop for CryptoCurrency news, ICO Reviews, and Portfolio tips. Today's Wire is authored by Bruce Parker.
News: The Bulls, the Bears, and the Bullish-Bears
Bitcoin. It's the flagship cryptocurrency who's valuation is somewhere between 500k USD and Beanie Babies, depending on who you talk to. It's either just in it's infancy for growth or on the outer edge of a dot com bubble. Let's take a look at 3 views from various "experts" in the field.
The Bull: Bitcoin Surging to 15,000 This Year
Have you ever heard of masterluc? If you have lurked around BitCoinTalk circa 2013, you know his legend well. He predicted the 2013-2016 bear marker for Bitcoin with about 3 sentences in December 2013. He then predicted the next huge jump in BTC in 2014, stating it would take roughly 2 years for the next bubble. This person is essentially the Bitcoin lord of light.
Well, he's back and predicting an all time high many find a bit extreme. Maserluc has predicted that BitCoin will hit 15K by end of year. Yes, fifteen thousand dollars. He also states that Bitcoin could see prices of 40,000-110,000 USD by the end of this bull run. Hard fork who?
The Bear: Bitcoins are Beanie Babies
Peter Schiff, long time crypto bear, has reiterated his sentiment on the space while speaking with CNBC. Keep in mind- Schiff has likened the Bitcoin explosion to the Beanie Baby craze of the mid 90's.
"There's certainly a lot of bullishness about Bitcoin and cryptocurrency, and that's the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it's going to work. And the higher the price goes, the more convinced you become that you're right. But it's not going up because it's going to work. It's going up because of speculation."
Schiff, when not trying to figure out what to do with his hands, based his beliefs in the "fact" Bitcoin is neither money nor a commodity. He's entrenched in the belief that cryptocurrency cannot work long term and most of the valuation is pure speculation vs any intrinsic value. Sorry Tobasco the Bull, some people just won't let you live down your failures.
The Bearish-Bull: Stocks Shmocks, Bitcoin to 6,000
This week, after giving a grim outlook on the stock market, Tom Lee said Bitcoin will reach 6,000 by mid 2018. Increased public awareness was cited as the main driver. Lee believes that Bitcoin is a real alternative as both a currency and a store of value.
"We see bitcoin as gaining from institutional sponsorship, improving transaction platforms and ultimately, greater public adoption."
Lee also believes the central bank will get in on the action once there is sufficient liquidity:
"While one may say this is preposterous to say central banks would own bitcoin — we believe that Central banks would view crypto currencies differently if Bitcoin’s aggregate value exceeded $500 billion,"
All in all- Lee is calling for a continued bull run through 2022, where he believes Bitcoin will reach 25,000 USD.
Conclusion: No one knows anything
I have found that predicting a market usually comes down to knowing who is buying and why. Measuring the aforementioned and the pressures surrounding them paints a picture of where the market is moving. Cryptocurrency in general operates at a level anonymous enough to shield from these kind of market prediction. While we can easily see the buying and selling on the ledger, we do not know who it is and why they bought it.
Pretty much no one knows shit, atleast not enough to truly peg the movement of Bitcoin. Each of these reports are a grain of salt. Do you feel like you wasted your time reading this? Don't. In general, this means you are just as empowered as Peter Schiff and his Ricky Bobby like hands to make informed decisions on your investments. Since you are probably on my side of the fence- let's toast to the 15,000 dollar bitcoin.
Portfolio Talk: Week of August 21
In the spirit of transparency I will always let you know which picks I am personally invested in.
I will always do my best provide accurate assessments based on the macro economic climate, technical analysis, and coin fundamentals. Most of my opinions center around medium term positions.
Below are a few coin's I find interesting at the current market price:
Long Term// OMG// Enter ~.001944
Invested
OMG has rocketed, I was lucky enough to get in a bit early but there is so much head room here. Palm Beach Confidential called this a 700 dollar coin. For context, the same guy called Ether a 360 dollar coin when it was trading at 10 USD. Fantastic team and an established company. Steel hands drive the lambo my friend, don't worry about the daily fluctuations with this coin
Medium Term//MTL//Enter ~0.002236 or a super conservative ~0.002007
MTL Alpha, by many accounts, has been a success and people dig the wallet. It seems to have corrected from it's recent pump and entered it's new buy level. The second, more conservative buy level sit around the second support line.
Short Term Flip//DNT// Enter ~0.000053//Exit ~0.000073
Invested
Did you miss my DNT pick? If so, you missed out on roughly an 80 percent profit. Don't worry- there is still room for profit but the ceiling is getting closer. Head over to Liquid and grab some before the Binance and Bittrex listing. It may exceed my exit price but don't get greedy.
That's all for tonight! I hope you enjoyed- any feedback is appreciated. Look out for the CryptoKick Observation everyday on Steemit and coming soon to YouTube! You can also follow us on Twitter @TheCryptoKick
Sources:
Masterluc
Tom Lee
Peter Schiff