Bitcoin Take A Bow...But Maybe Also Take A Break.
Bitcoin, take a bow! Up more than 400 million times since 2009, that is impressive to say the least. If you are one of the early Bitcoin investors, then take a bow too.
However, it appears that it is time for Bitcoin to take a break, by having a healthy correction, and thereby, setting up for the next massive rally.
Why does it appears so? One of the reasons: On the Bitcoin chart, an important milestone was reached:
Price recently hit a rising resistance line. When this kind of thing happens, then normally a big correction ensues, especially when a price is relatively high (400 000 million times up in 8 years is certainly relatively high). A correction here will be very good for the long-term bull market.
Price is likely to hover a few more days, sucking in more people to take down with the crash. There is even a possibility that we see another attack of the line.
Personally, I think that Bitcoin will correct into the coming market crash and banking crisis (more about this in another post). However, as we go into the phases of the coming crisis, Bitcoin will find its feet and start rising again. That is where I want to accumulate some Bitcoin.
If you do decide to sell, then you don't have to necessarily trade out of cryptos, back to government currency. There are other options like gold, silver or even buy assets (like bitsilver, bitgold or bitusd, for example) on the bitshares platform.
This is not financial advice, do your own due diligence. I am not responsible for your trading decisions.
@hgmsilvergold – Secretary SteemSilverGold
I doubt it will touch 3K again but we will see.
thanks. we will have to see.
BTC to 10k!!!!
yes, eventually
Sound advice my friend. Got out of bitcoin completly yesterday, with bitcoin being so high and steem being so low, I took the gamble and trasfered bitcoin to steem, well after I made another silver order, but the point being silver and steem are very low currently and bitcoin, I believe has top for this run. Hopefully it will work out to my favor. Thanks for the post, resteemed.
Thanks Ray, it is much appreciated. Personally I am carefully watching a few cryptos (including steem), but feel that they will all go down over the coming weeks, setting up for some great buys. So, yes I want to get some steem, but will wait until I can get it below 30 cents. For now it is silver all the way.
I think thats very smart. However, personally I would advise to hold some BTC and diversifying your portfolio with other token currencies that are at an all time low. And hold until they reach a high they haven't seen in a while, and sell some of that token doing well, while holding some of it the same way i recomend for BTC. Take a look at SC as one such example, granted its a newer and thus more unpredictable coin, but holding amounts of everything and selling high, you can't lose unless the whole market crashes. This is also assuming your not going to panic, as so many seem to do, and sell with a crash. (Sorry for run on sentences and grammer written from my phone.)
Just a minor breather until the next bull run.
yeah, for an asset like bitcoin even a 50% crash could probably be considered a minor breather.
Great post! I don't even know where to begin to respond.
A 50% selloff would still leave Bitcoin at $2K, still a handsome reward for an investment vehicle that did not exist 10 years ago.
A 50% selloff would probably send these new crypto snowflakes into a suicidal depression spiral. They have no idea how market's work. Most of them were probably in grade school during the dot-com crash of 2000.
I've seen calls for Bitcoin $50K, $500K and $1M. Today's crypto toddlers probably expect those kind of results in a year or two.
They are in for a rude awakening.
well said. I believe in the asset (and higher prices in the future), but like you imply, markets work in a certain way. when they correct it can be brutal. yeah, I smell another dot-com crash. the current pattern on bitcoin is telling me we will see at least a 67% crash. crypto toddlers :) ...funny
Interesting... I'm curious, how far off would you estimate that crash is?
it is all speculation. however, if we get that crash , it might not be very far off. I would think that bitcoin could fall crash over the coming month or so.
Wau !!!
Im waiting for the correction and then im jumping on ship, then forget about it. Home in a boat and dry
that will be the ship to be on, but for now I am buckling up for the silverbullet train.
I have a ticket for that :D