Bitcoin's Healthy Pullback - Good news to come!
Hello, and welcome to another episode of Life With Crypto! Today’s date is 22nd of February, 2018, and in this episode, we will take a look at the cryptocurrency markets, talk about the overall market sentiment and coins I’m very bullish on, and also take a look at some of the latest news in the space – so stay tuned!
First of all, I want to mention that none of the information provided in this episode is financial advice, nor should you invest in any coin without doing your own research first. If you find the information to be valuable in your investing decisions, please hit the like button and also consider subscribing to the channel for upcoming videos – so let’s get started!
Now, the first item on the agenda is looking at the overall cryptocurrency space, as we can see that both Bitcoin, and the rest of the coins have seen another pullback, along with the total market cap which was over $510 billion just a couple of days ago, steadily growing from a low of $280 billion on the 6th of February, which makes it just a couple of weeks ago. Come to think of it, a pullback was actually needed, as we might see a short consolidation period, making this price level of over $10,000 for Bitcoin a good support level for future market movements.
What I’m trying to say is that it is healthy for the long-term growth of Bitcoin to have pullbacks and sideways movements at certain price levels, which will act as support for future bull runs. We had a very nice price growth from the low of $6,100 back on February 6th, up to a high of almost $12,000 just a couple of days ago, on the 20th, which makes it almost a 100% or a 2X increase in just a couple of weeks.
With a price consolidation at this level, it is safe to say that without any huge negative catalyst to pull the market down, we might not ever see Bitcoin dropping below $10,000, and we will be able to gather momentum and break through the $12,000 resistance level where the price was rejected in the past couple of days, resulting in this pullback. Once the $12,000 level is broken, we can easily see Bitcoin rallying to $14,000 or even $16,000 before it retraces and creates another support level anywhere between $12,000 and $14,000, with an already established support level at the current price of over $10,000.
Now, looking at the other coins, the ones that I’m most bullish on for this year are the coins that have actual use cases, such as builder platforms and privacy coins. These are of course the coins that you should be looking at for a balanced investment portfolio, with a long-term view in mind. Although there are plenty of ICOs and projects out there that can 10X in a short time, I am mostly focused on the long-term projects and the coins that offer the underlying technology for the space to evolve. Think of it as investing in the internet itself instead of internet companies. For this example, the internet is your Ethereum, your NEO, and the companies are the ICOs or the projects that come out of them.
Going over a few news articles from yesterday, the overall news and market sentiment is bullish, with good news popping up everywhere, despite the pullback that we are seeing. This means that the market is only gaining momentum for what’s to come, and prepping for the next bull run. The month of February is one week away from ending, and once March comes around, you should expect more and more good news, and more and more market growth. If last year is any indicator of what happened in the market in June, and the huge boom we seen, remember that the market is 10 times bigger now, meaning 10 times more people are in it, and with all the media coverage, everyone is trying to get an head start and to be smarter than everyone else, which in term means the market cycles will happen faster and faster, and that we will see even higher volatility than ever before.
So be ready for a huge bull run very soon, and don’t let this great opportunity pass by yet another time.
With that being said, let’s take a look at some recent news:
Coinbase And Bitfinex Integrate Bitcoin Scaling Upgrade SegWit https://cointelegraph.com/news/coinbase-and-bitfinex-integrate-bitcoin-scaling-upgrade-segwit
Crypto Market In The Red Despite Bitcoin Transaction Fees Dropping, Dominance Rising - https://cointelegraph.com/news/crypto-market-in-the-red-despite-bitcoin-transaction-fees-dropping-dominance-rising
What is SegWit - https://bitcoincore.org/en/2016/01/26/segwit-benefits/
So that’s about it for today, thank you very much for watching, and until next time, enjoy … your Life With Crypto! Bye!
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Any feedback is greatly appreciated, so please share it with me down in the comments!
All I can say is, I hope you are right! :)
Thank you for the upvote @currycurator ... oh wait, you just upvoted yourself and not the post 👍
A slower run-up (building up healthy support along the way) is all part of BTC "growing up". Although we all love to see green flashing charts and mega % upswings, it is in the longer term interest for us to see a nice, solid, healthly uptrend as you suggest.
What are your favourite privacy coins?
The problem is that I'm not really a fan of privacy coins myself, at least not now. For the sake of diversifying your portfolio, I don't see Monero going wrong anytime soon, just because of the fact that the infrastructure is so strong, since everyone and everything is mining it :)