The Post-Futures State of Bitcoin: Day #21
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Today is Saturday December 30, 2017
Bitcoin reached a high today of $14,681.90, and a low of $12,350.10. The price was $13,411.00 by end of day, a -1.04% loss over 24 hours.
In a previous post I mentioned my thoughts on big investors wanting the price of Bitcoin to tank so they could lower their declared capital gains, maybe even claiming a loss if Bitcoin went low enough. Since then, I have determined this may not be the case because the bears seem to be weak, but you can never underestimate the thrill investors who are hit with depression and sell either. We still have more than 24 hours before the really big whales make any moves too.
I can now say with confidence that someone at CNBC is making an effort to push down the price of Bitcoin. I suspected this days ago as the FUD was building, but now this is getting completely ridiculous. Just look at this headline: Bitcoin will trade under $5,000, warns Dennis Gartman.
My first thought is, "Who is Dennis Gartman in the World of Cryptocurrency?" this market moves 100 times faster than stocks, and makes gold markets look frozen in time.
But I'm not about to disagree with him, because I sense there are desperate (and I mean desperate) players in the crypto space that need the price of Bitcoin to drop below 8000, maybe even lower. They invested into a coin they thought was anonymous, and now the big exchanges are giving away their identity to tax agencies.
Sucks to be them, but Bitcoin is (after all) the most transparent financial ledger ever created.
So where does this leave Bitcoin?
Dennis "the crypto-menace" Gartman says:
"I'm very bearish on bitcoin, I think it's one of the silliest ideas I've heard in a long time... to be separated from the brilliance of the block chain, [makes even] tulips in [17th] century Holland look almost like a quiet, well-demeanored market"
Even two or three days ago, I was questioning myself about the Media spreading FUD. maybe I was just seeing what I wanted to see?
But no... This article is the smoking gun. Top of the page on Google search for Bitcoin.
Is this bad?
Not at all.
Respected Steemians like @tombort have been calling a dip for weeks. While my analysis and his are different and take different approaches, he has gained my respect for his accuracy and insight. he is the better and I have much to learn.
When the price dips by a large amount after peaking, everyone loses confidence. But that is usually the time to buy.
Everyone will tell you (And I will too) not to spend money you cannot afford to lose. but if you have money to invest that is burning a hole in your pocket, then bitcoin hitting 5K is not a bad buy.
Dennis goes on to say:
"When bitcoin falls, and it shall, it'll trade under $5,000... Whether it does it next week, next year, six months from now, it'll happen. And then I think we'll find at the margin money that had moved into bitcoin and away from gold will move away from bitcoin and into gold."
While I'm not close to the rumor mill by any stretch, it is a well know tidbit that someone is suppressing the price of gold right now; and If not wall street, than Russia and China - because those two are buying up piles of gold and silver to take out the Petro Dollar (aka, the US Dollar) as the global reserve currency. It is not if... but when they will succeed.
My advice is to wait out the FUD. This is not financial advice, but I would hate to see anyone selling Bitcoin at a discount, and then to see the price rocket to 50K and regret it. When the mainstream media is telling you not to hold, it's probably good to question their advice. Those running the media have more money than you... It's probably a safe bet they're not looking out for your best interests.
@briggsy, I'm flattered. Thank you very much for your confidence. I will push even harder to be even better in my analyses.
All Crypters (people involved in crypto world. Yeah, I start to invent English words. I research a little, in French this is cryptographers, but in English we can easily adopt my meaning proposal) should be FUD resistant and akin to HODL to the last drop of their blood. I think this is the reason that cryptos always rise from a dips like Phoenixes. Crypters believe in cryptos and value their coins.
This fact is directly derived from believing in concept. Money is not real, money is concept of transferring wealth. The same as god is also a concept and not real thing. Believing in god also comfort people and give them a reason to live and be useful, faithful, honest, fair-minded.
Classical capitalists (banksters, CEO-s, government people and politicians) think of assets, fiat money, gold, silver, real estates and other commodities as physical stuff. But this stuff is dead material, stuff wroth of shit. The concept of value give this stuff a soul named wealth. I think they don't understand this concert in essence at all.
Satoshi Nakamoto triggered an evolution of understanding wealth and this evolution or silk revolution of wealth understanding drive us Crypters on and make us strong and unstoppable.
This is not a comment anymore. It's an essay brainstorming from my head. (I should extended into full blown article!)
So forget about FUD for us Crypters charts speakes as I stated in one of my comments:
So I start to study charts as astronomers, astrologists and meteorologists do to predict movement of our beloved cryptos and to reveal their destiny to you my dear Steemians.
Once more: Happy new year 2018! Let it be this year year 10 a. s. (after satoshi)!
p.s. My prediction #23 from 13 hours ago, still holds and I have nothing to add at the moment.
A good article, thanks for posting it.
I've about gotten to the point where I try to discount a lot of the stuff I hear about Bitcoin. So many people try to act like experts, but I have to wonder, 'can there really be any experts on something that has never existed before?' They're all over the media, YouTube, everywhere you look. I see these stupid ads too, that say stuff like, "Ten Times Better than Bitcoin!!" We don't know for sure how good Bitcoin is, so how do they know that their coin is ten times better?
I don't have a lot of Bitcoin, but I've decided to just hold what I do have for the long term. Although, I may take a little out to purchase some Steem, in order to power it up and get me some voting power. Can't have too much Steem Power. lol
Bitcoin could very well go to $5,000, or even lower if people panic, or just suddenly lose interest. There's A LOT of other coins and tokens getting a lot of attention right now, so there's probably much less money going into Bitcoin because of it. Yep, it may go to $5,000, but it may go to $50,000 too. This stuff isn't for the faint of heart, or anxious traders.
HAPPY NEW YEAR EVERYONE!
2018 -- THE YEAR of STEEMIT!!
In one of my analysis i wrote:
This quote points to Crypters stubborn nature. We Crypters are akin to HODL and we have no fear of big waves or as a sailor wisdom says:
So We are hodling no matter how big waves are and how deep dips are also.
You don't deserve 400% gains if you can't handle 50% dips.
Hodl indeed! I told myself I was gonna hodl everything I initially invested in, and I did, except for SALT. I bought it at ~$3 and it stayed there, barely moved for about three months I guess (or so it seemed). One day I decided that it was a good idea to sell, so I did. Literally, the next day it took off. I got back in at $9.44 (I don't forget that number), so I'm still doing okay, but I did lose quite a bit. I know at one point it was well over $14, maybe even higher, and it's still at $11.85 as I type this. I'M A HODLER FOR LIFE Watching the market is enough stress for me, I don't need the additional stress of being a day trader, especially in cryptocurrencies.
Here I come on scene. I'm dedicated to my charts. Try to predict prices as accurate as possible. If you need a personal advice just drop me a comment in my analyses posts and together we will handle the problem.
Also I will be very grateful if you can recommend me to your friends and followers here on Steemit. At a moment all I got here, is from my rewards because I have some financial obligations in the fiat world and haven't any spare bucks (my case euros, cause I live in Slovenia-EU) to more heavily invest here in crypto world.
Thanks be my mate!
Yes sir, I'd be more than happy to recommend you. You're correct on these people saying things like, "When bitcoin falls, and it shall, it'll trade under $5,000... Whether it does it next week, next year, six months from now, it'll happen. And then I think we'll find at the margin money that had moved into bitcoin and away from gold will move away from bitcoin and into gold, I ignore it too. Yeah, I'm sure there are people/groups that can affect the price of Bitcoin, even greatly affect it, but I don't believe anyone knows for sure what it's gonna do. Many investors in Bitcoin, I believe, are a completely different type than those that have invested in the NYSE for many years. I'd bet that they are more likely to be react irrationally to FUD, and FOMO. These people, for the most part, aren't predictable, yet.
We have these so-called Bitcoin experts crawling out of the woodwork, but I don't know how you can even be an expert on something that is new. Bitcoin has been here since 2009, but it had little value, and just about no one had ever heard of it or used it. It's one thing to do what @tombort, and others do, analysis, but it's quite another to just spew out FUD like many of these other people. I value their opinions about as much as much as the nut-jobs that pop-up from time-to-time to tell the people that the world is about to end. It will end, but I doubt some crazy person will be predicting it.
Very good point. We have to be cautious in our words and fearless in our thoughts.