The Bitcoin Top
In this post, I share the video that got me interested in cryptocurrency, and how it relates to a bitcoin top.
Look out, bitcoin is going to crash!
This video alone convinced me of bitcoin because in 2015, those are the types of markets I buy into on the dips.
Not long after that, I came up with the formula for a bitcoin rise, which I posted on an internet forum. This was the chart I made in 2015:
I forecasted an 8X increase, bitcoin has surpassed that and gone for the 10X.
With bitcoin, this time is different I believe. The 12X mechanic, and the 10X mechanic that were bitcoin's prior trading behavior no longer apply. Why?
- More exchanges
- More news coverage, everyone who heard about bitcoin in 2013 knows that now, bitcoin has come back and is here to stay
- The scramble by people to get into the market, but they are delayed by system bottle-necks from investing
- Larger volumes, larger investors, value buyers who are going to buy on dips to support the market.
If 2.5k is the top, that means we would expect this dip to decline bitcoin to at least 1/2 value... Which is $1,250 a coin for bitcoin.
Now that the agreement for SegWit and 2MB blocks has gone through, do you think hedge funds and billionaire investors are going to let bitcoin drop to $1,250??? Fat chance.
This is my viewpoint, certainly be careful in how you invest and allocate things. I believe in being diversified and not owning 1 investment. Personally, I think a top forms more extreme this time than $2,500. I would much prefer Bitcoin pull back to 2k and we have a steady bull market, that lets people have time to get into bitcoin.
What do you think?
thank you for the info
If crypto-currency can withstand the investor rush, which right now is having some issues, I believe it has the power to crush all fiat and more. It has the power to revolutionize all existing financial power structures which needs done very badly indeed. It doesn't matter when you buy but once bitcoin is fully mined out (2022?), the value of each BTC will be in the hundreds of millions imho.
Good point about bitcoin being mined out. Really good point. Before the recent agreement, I had trouble seeing a way forward for bitcoin... didn't think it would make it to 2022. Now there is a chance it sticks around. Still like other coins more, but bitcoin is first and foremost in terms of early adopter appeal and awareness. It leads the pack and gets the publicity.