Bitcoin Pulls Back After Hitting $5000 USD - Why This Is A GOOD Thing!
In this video, I break down the latest news on Bitcoin as the cryptocurrency hits $5000 USD and immediately pulls back as people take profits. While the pullback may seem dramatic to many, especially since most people who have money in Bitcoin only got in this year and are not used to the fluctuations, this is perfectly natural and really a great sign of a healthy market.
While people claim in the media that Bitcoin is in a bubble (as they have since 2011), these frequent corrections are proof in the pudding that it is indeed NOT in a bubble. Bubbles wouldn't take such frequent breathers.
In June, Bitcoin hit $3000 USD before pulling back all the way to $1800, climbing to $2500 and then heading off to $4400 at the beginning of August where it pulled back to $3900 and then climbed quickly to $5000 USD just a couple of days ago.
Now, this is a lesson in psychology as people sell off Bitcoin, basing it on arbitrary numbers like "5000". It's an imaginary fiat landmark and it's pointless to sell off on such fantasy pinnacles, especially considering in other currencies of course $5000 USD is $6200 Canadian dollars. It's nonsense but all the same, it provides a great opportunity to buy more.
At the 7 year average daily rate of growth, Bitcoin should hit $250k by 2020.
As the fiat empire comes crashing down, Bitcoin is a savior to those who diversify between cryptocurrency, gold, silver and other assets.
Investors have taken 30 billion dollars out of US stocks in the past ten weeks and it appears they're putting it in gold, silver and Bitcoin as a stock crash is inevitable. There are now 50 cryptocurrency hedge funds as Bitcoin surpasses Netflix and PayPal in market cap and is coming up on Morgan Stanley which is truly a sign of the times we live in, where cryptocurrency which was once thought of as "geek money" is universally adopted at an enormous rate just since January alone.
The future is bright, but we have to educate people. Far too many people compare decentralized cryptocurrency demand to a centrally planned debt based, manipulated derivatives bubble. Far too many people blindly call Bitcoin fiat despite the whole point of fiat is to create vast amounts out of thin air without scarcity or demand and base it in debt.
With education comes the next renaissance and it WILL come.
Bitcoin will surely break through the ceiling once more in the coming weeks (likely on a Tuesday since traders are historically more bullish on Tuesdays than anything) very possibly. Considering that Wall Street insiders saw Bitcoin hitting $4000 USD by year end and we've already far surpassed the forecast, we're doing good. Even professional crypto traders saw it hitting $5000 USD by year end. Well by the looks of it, we'll be seeing $7500-$10,000 by year end.
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Well-written post.
The Chinese ICO ban is weighing on crypto prices, but there is also the 2X fork in November and that is also a major source of uncertainty. Then there's the issue of Bitcoin Cash siphoning off hashrate from the legacy chain.
The fundamentals for bitcoin are a bit mixed right now.
Somewhat, but I don't believe it's a reason to be too concerned long term. The free market always finds a way. But we're certainly up against a lot.
The Chinese ICO ban is ridiculous. Another slap in the face of those who wrongly call China a "free market". The technocratic state wants the future to be incredibly regulated and that includes a centrally planned cashless society.
Thanks for watching/reading! :)
A few ICOs focused on decentralized exchanges, plus, there is Lendroid + Øx, which will allow leveraged trading of ERC20 tokens, so Chinese investors will be able to freely invest in all kinds of digital assets without much effort. So I don't see what the Chinese authorities are hoping to accomplish with these ridiculous bans.
Hi joshsigurdson,
Thanks for the great content
Keep up the good work, Josh! It's a shame you're considered to be hate speech. Talk about ludicrous.
Thanks! It is ludicrous. They put me in the same category as ISIS videos and KKK videos. Cut my YouTube pay from $100 a day on average to about 1 or 2 dollars a day. :/
Thanks for watching! :)
Why are you hate speech? Makes no sense?
That's why we'll do our best to make sure you make up for that $100 or so here on Steemit!
Welcome to Woldwide bittrex exchange pump channel
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Last year our pumping room was highly trusted.
Do you think 500% ~ 1500% profit is impossible in a week?
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안녕하세요. bittrex 거래소 펌핑 방입니다.
저희 한국인들의 bittrex 세력과 펌핑은 매우 강력합니다.
작년에 저희 펌핑방은 각종 코인 펌핑으로 크게 신뢰를 쌓았으며,
법적문제가 현재 있지않아, 다시한번 여러분들께 역사를 다시 써나가려고합니다.
일주일에 500% ~ 1500% 수익이 불가능할 것 같나요?
저희가 보여드리겠습니다. 우리방만의 노하우와 진실을
정확한 차트 리딩과 함께 저희는 주기적으로 펌핑할 예정입니다.
현재 전세계 사람들을 모집하고있고, 회원님들 돈 강요하지 않습니다. 공짜입니다.
구경만 하셔도 좋으니 텔레그램 어플 설치하고 저희 채널에 들어와주세요 ^^
텔레그램 입장해주세요. http://telegram.me/Dvapump
Welcome to Woldwide bittrex exchange pump channel
The bittrex force of Koreans is powerful.
Last year our pumping room was highly trusted.
Do you think 500% ~ 1500% profit is impossible in a week?
We'll show you this is true.
With accurate chart reading, we plan to periodically pump.
We are recruiting people all over the world, and we do not need your money for free!
Just watch it. Install the telegram app and get in the channel.
Join Telegram channels http://telegram.me/DvaPump
안녕하세요. bittrex 거래소 펌핑 방입니다.
저희 한국인들의 bittrex 세력과 펌핑은 매우 강력합니다.
작년에 저희 펌핑방은 각종 코인 펌핑으로 크게 신뢰를 쌓았으며,
법적문제가 현재 있지않아, 다시한번 여러분들께 역사를 다시 써나가려고합니다.
일주일에 500% ~ 1500% 수익이 불가능할 것 같나요?
저희가 보여드리겠습니다. 우리방만의 노하우와 진실을
정확한 차트 리딩과 함께 저희는 주기적으로 펌핑할 예정입니다.
현재 전세계 사람들을 모집하고있고, 회원님들 돈 강요하지 않습니다. 공짜입니다.
구경만 하셔도 좋으니 텔레그램 어플 설치하고 저희 채널에 들어와주세요 ^^
텔레그램 입장해주세요. http://telegram.me/Dvapump
Good article. Man am I loving these markets! :D
Why only 21 million Bitcoins???
Of course this is a good thing. If you stepped in in march of this year, you're still up by 400 % which is incredible. The China-bans-ICO-story is for me the best thing that could happen. Too many people got scammed or lured into premined ponzi-coins and coins that will never release or coins that just don't add any value to the crypto-spectrum. Feet on the ground and look a bit further ahead than tomorrow, is my humble opinion. Good Post!
Started buying crypto in 2015. I laugh when I see the haters beak off after every single down day in the crypto markets. My crypto could go down 80% and I'd still be ahead!
I think a pullback like the one we're seeing is quite beneficial for the market. I think there has been a lot of hype around coins such as Bitcoin and Litecoin, with the recent fork, and we're still in that shroud of uncertainty until we have the 2nd Bitcoin fork, as well as the ETH fork this september with the Metropolis update. Hopefully the ETH fork will be successful and a good marketing move, and we'll start seeing the recent ICO's on Ethereum platform start performing and receiving the attention they deserve. Also, this will boost the confidence of Ethereum-like blockchains such as Ark (which I think it's too early to take into consideration right now, it needs to mature) and NEO which has already matured and needs to get out there. Also, looking forward to see what EOS has to bring to the table.
It's almost like bitcoin is climbing a set of stairs, unevenly sized and spaced but leading somewhere high. Three steps forward, one and half steps back, but buyers and sellers and new entrants alike become acclimatized to the new height so it both never falls as far as before and rises quicker than before.
So far so good. It just worries me to wonder what measures the fiat system will take in its bid to survive -- because crypto is rapidly rising above the threshold where it can be ignored by the powers-that-be. It is becoming a power-that-is or at least a power-that-will-be.
Bitcoin is like a drunk person climbing a very steep staircase..it goes up and down, and eventually he makes it to the top!
Woww nice
The fact is that the ban in China ico I think will affect the rate of bitcoin and $ 5000 it is not so fast.