What do you think are the chances of a turnaround?
A turnaround at this point in time of bitcoin and the whole marekt would be insanely bullish. I do think that there is a chance of this happening, even though I find it less likely than the chances of falling below 6k, and turning somewhere at 3k, 5k, 2k or 1K.
What do you think the chances of such a turnaround at this point would be?
I think the chances of us having formed the bottom now or above 5K is maybe 20%, if I had to make a guess, even though I dont have a scientific way to come up with that numbers. It is just a guess or a feeling I have.
However if that is the case I think it would be sick. Because this would show a lot of strenghts.
First off we are coming from a low in the 200ish price range. Previously we were coming from only about 60ish low (early 2013 bubble). Going from 200 to 6k in terms of the lows after a bubble crash is quite a move up. Even if we go down all the way to 1k, we are still in a healthy uptrend.
So normally we ought crash a bit more. Last time it took us 1.5 years to find a bottom. We have now only been crashing for about 9 months. That also would be a good sign.
S- Curve growth
What this would also mean is that we are likely entering the next phase in the S-Curve of adoption, because otherwise how can we explain such growth and strenght in the price.
Remember a 6k btc price is still insanely high. Think about where we were a year ago.
I have been around in the last crash and one of the difference is today that CNBC still talks about bitcoin every day.
Because I do think that we are in an S-Curve adoption rate, I think it is possible that we are starting to rally now or maybe in a month or two (September or October)
What do you think?
Can this be the bottom?
How likely do you think it is?
What do you think valid bottom ranges could be?
At the rate of development taking place which is nothing like but what we saw in the 90's with Internet - Exponential S-curve growth. This is would put the entire Crypto market valuations to break into the multi-trillions within the next few years. The Internet peaked at around $7 trillion valuation in the late 90's while in terms of penetration Internet had about 3% adoption in 95'. Today Crypto has 3% market penetration but doubling about every year now just like the Internet did.
I have only watch cryptocurrency price daily since late 2017 and can say that a bottom does not feel like it exists. The current up days are always preceded by bigger down days. If there is a trend I feel like we are more likely going down until we do not. At what price will be the turning point is as good of a guess you make as I. Hope it is sooner than later.
I strongly believe BTC price will rise again.
Please check the shaded area.
I checked in 3 major exchanges. All are in up trend.
The image is from https://walletinvestor.com
Normally I would say you’re right, but the reason I think we might hold at this price as the low is because it seems that every day more and more options open up for people to actually get into bitcoin.
That combined with the fact that news outlets cover it every day like you said can keep a nice floor on prices as more and more people get in.
It’s unusual in that respect, I’ve never heard of a bubble in an asset that most people are unable to actually purchase!
I think we are in the bottom and soon will raise again idk how i'm just optimistic XD
Impossible to predict the crypto market, but while the price fluctuates, adoption keeps raising. I think we will see a resurgence
Nice!
I am with you. All I have is a feeling. I am trying to keep my finger on the perception of Bitcoin based on people's feelings. So I feel like we are not in the doom and gloom phase yet. I think once more people start to throw in the towel or start to really hate Bitcoin that will signal bottom. Same goes for steem.
The 6k level has been tested many times already. There's a good chance that it will hold. Bears seem to be losing momentum. The downslope seems to be leveling off. Sideways movement until late fall maybe.
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.