I doubt that we'll see the 6000s again. The market has been fighting it's natural positive buoyancy for three months, it has a lot of rising to do!
I doubt that we'll see the 6000s again. The market has been fighting it's natural positive buoyancy for three months, it has a lot of rising to do!
I am of the opposite opinion, as long as we don't get some fundamental news backing a rise we are going to see 6k for sure. The market is not crowded yet, and large institutional players don't look at the price like we small time traders and hodlers. They can not enter the market just jumping in like a private investor do, because that would make price jump so fast they would be out of sellers.
They do however have a long experience in trading assets out of the small time investors hand, and that will probably bring us below 6k if this correction take 6+ months.
You don't think that they've already crashed it enough? Or alternatively, that they're already in?
The crypto market is an upward trending market backed by an emerging technology. It takes constant pressure to keep it down. These are my predictions and the reasons for them:
https://steemit.com/cryptocurrency/@bitbrain/bitcoin-price-predictions-chart-display
https://steemit.com/cryptocurrencies/@bitbrain/bitcoin-price-predictions-chart-display-part-2-looking-at-the-past-good-news
https://steemit.com/cryptocurrency/@bitbrain/bitcoin-price-predictions-chart-display-part-3-the-s-curve-more-good-news
When looking at the historical chart it can certainly be, but I don't think so. If 10 big players are in each holding say a million bitcoin, don't you think that would be a completely different market?
We need regulations in the area in several of the financial strong countries before they will enter fully in my opinion.
I don't see that much great news with substance either for the correction to be over if we are to expect the financial institutions to embrace bitcoin.
Wow, I'm surprised to hear that. Ever since the end of the G20 summit I've heard a LOT! Progress with regulations, major individuals investing, major banks and payment providers partnering with crypto, major economic powers (such as the EU) adopting a progressive stance towards crypto. ANd similarly, far less FUD.
Mark my words, this market is warming up it's engines, it's ready to takeoff.
I agree with you on the market is warming up, but we are not yet at the point where takeoff is imminent IMO.
The big financials want to keep price low as long as possible so they can load up down here. Many bitcoins are still in private hands, and they want to shake out as much as possible.
A big part of EU and G20 countries are not yet finished with their regulation, and think we will see a lot more volume in the market.
What is most important is the technical details of bitcoin, and adaption of segwit and lightning network rolling faster and faster is what will break us out of the bear market for good. Bitcoin IS an unstoppable beast already, and the regulations is of concern only for the users, not the chain itself.
I can respect that assessment. I'm a little more bullish (obviously): I think that this is the start of the bull run again, and that the points you mentioned will just accelerate that in future. Acceleration will continue for a long while to come, as I discuss in here: https://steemit.com/cryptocurrency/@bitbrain/bitcoin-price-predictions-chart-display-part-3-the-s-curve-more-good-news
These technical analysis of Bitcoin now is hard. Todays rise still build the bear flag, but it has also broken bollinger bands on the daily chart, for first time this year.
I too am starting to turn very bullish here.
Forget the short term TA, it's about as good as weather prediction. But long-term, that is far more accurate. Did you read that post I linked to?
I would also argue that there has been much good news for crypto in the last month.