State of the Market #10 - Bitcoin to $50,000 within 6 months?
In this video, I cover what I think about Bitcoin which is leading the entire cryptocurrency market. Will it head to 50,000 next? Are there other altcoin opportunities?
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thanks alot for your toughts on this :) I like to infom myself very good :)
$50,000 - wow! Though by crypto-standards and history this should probably come as no surprise. SK.
I don't think $50000 bitcoin is that far. Hope it reaches the milestone soon :)
It will be so interesting if market goes like this i am sure bitcoin will hit it as soon as possible
seeing your blog for the very first time interesting it was at first when i saw the title and still it looks kind of possible but do you think their will ever be a correction phase in upcoming time like we used to see previously
Between here and 50k, there should be a correction... I would anticipate the bottom of that correction to be something like 13k to 14k if it happens. Thing is I would expect the correction to last a week or two at most.
$50000 that's a huge target but seeing your analysis and the video make me think like its possible
2,360.52% increase over the year from todays date that's really mind blowing to see what its potential are it will be interesting to see will it moves that quickly
Other coins like Vertcoin and LTC have more exponential gains
The way it is moving right now is insane no more downtrends looks like thanks for the video analysis
ow!!
but they were very helpful at that time..
I have a problem to believe BTC just continues growing without any major crash.
There are some other reasons that are against the bubble theories.
If you consider these points, the question we all want to know is, what will prevail. BTC can go to 50k like you are saying or to 3k in next few years. How you see it?
Most of the points you raised are true but irrelevant to price movement. What gives BTC 90% of it's value is not functionality, development, or adoption. What gives BTC its value is that it is the base currency by which most cryptocurrencies trade. It is a trading currency for cryptocurrency. This is the basis for its value and it's #1 use case.
So as more interesting cryptocurrencies come online which happens regularly, BTC's use cases increases. What we have been told is BTC's use cases as a world currency, is not really true. The transaction fees are just too high, and cryptocurrency is too complicated to use in that manner for BTC to be a real everyday currency. As a reserve currency for cryptocurrency trades and crypto-investing, BTC does have a valid use case. This valid use case is worth at least 1 trillion in market cap.
As for the parabolic crash, I am expecting it. It should happen within 12 months. I am also expecting it becomes 5x over-valued before it happens. 3k is too low for that crash though, now that the CME group has adopted BTC and other major world exchanges such as Russia may follow. As the reserve currency for all crypto-trades, which is a growing industry, I believe 10k is an adequate long-term pricing for the next 12 months or so... in other words I believe investors who are rich are willing to price support BTC at 10k.
The only exception is a disastrous news event which could always happen to BTC, then there might be a mega crash. Such as a major bug or some kind of damaging network event.
Regs don't bother me too much... the worst sort of reg would be that exchanging BTC in the USA is illegal. If that happened, could be damaging, but unless a complete ban occurs in the US, not too concerned.