Why so Sad? Bitcoin is Still Way Up for the Year.
Over the Last Week it Has Been Pretty Depressing in the Bitcoin Community.
Everyone I know seems to be in a state of depression post meteoric rise and collapse of the Bitcoin price. Frankly I don't know what everyone is depressed about. As I check the Coindesk price while writing this we are back to a price of $831 which was approximately the price on December 22, 2016.
I wrote my article "Bitcoin Smashes Through $800" on the 22nd of December. That was three weeks ago! Yes, I understand many of felt much wealthier for a short period of time. Then as quickly as our gains made us feel amazing it was ripped from us. I also wrote an article about my trading blunders, "My Bitcoin Trading Woes For Your Entertainment.".
The History of the Bitcoin Price.
I am not a chart reader but I would venture to guess that we will establish a new baseline soon and then continue along slowly reaching higher levels over the next year. China just decided to do away with margin trading exchanges Huobi and BTCC were the first. Watch the video by our very own Chris Coney explaining what is happening. Please don't be hard on the spelling of Cease on the video overlay. Chris works his tail off to bring us the daily Cryptoverse.
Going forward Bitcoin Looks Like it Might be Quiet for a While.
I personally believe that we might see $900 Bitcoin again very soon. Then don't forget that Kim DotCom is launching Mega Upload 2.0 at the end of February. He predicts that 2017 will see a $2,000 Bitcoin value thanks to his new platform Whether or not it reaches that level is not important. What is important is that millions more people could be introduced to Bitcoin in 2017 thanks to him.
Margin Trading Bitcoin.
I myself am a margin trader and love it. It must be the gambler in me. Personally I use Bitmex based in Hong Kong. I believe that trading Bitcoin is something that is not for the faint of heart. Also leveraging at super conservative levels is always best. If you are too aggressive you will be a snack for the Killer Whales out there.
Keep Your Head Up Bitcoin is Here to Stay!
Glad to see you are giving perspective and those charts have that power to bring back some rationality to underlying currents of fear brought forth by the news relating to China. Thanks for this information, keep your smile, thriving and namaste :)
I just don't understand all the hanging heads. We should be celebrating!
I hear you! that's exactly what I tell everyone who dares to listen. All for one and one for all!!! Namaste :)
definitely, perspective is so important!
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Yeah, it's hard for many folks to see a 20% drop as a healthy contraction after a 100% rise. They just see the top to the current price and freak. Not a good place for the emotionally reactionary.
If folks find themselves freaking, they should do one of two things - 1) sell all their BTC (perhaps with a trailing stop) or 2) stop watching the price, except once very few months
Nice article and video.
nice
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Thank you Barry!
Good little reality check here. This is a healthy correction; that sharp upward spike wasn't sustainable anyway. I sold a bit after it dropped down to $800 just to be on the safe side; wasn't sure if it would keep falling or not and wanted to take some profits off the table (I've been holding a large Bitcoin position since $600 or so). With people jittery about China, I'm hoping some BTC will flow into ETH and kickstart a nice bull run there. But in any case, 2017 is off to a nice start!
Ether has been looking good lately. I think Btc will pick up again soon.
Yes, thanks for the reality check! Zen and the art of bitcoin.
Hola Dan, enjoying the great white North? I hope everything is going well.
I keep hearing people say Bitcoin is "crashing" and using the phrase "crash and burn". But when I look at Bitcoin it just is doing what it always has done. Goes up, goes down, levels out. Goes up again, goes down. If you check out the Blockchain there is still a TON of money moving THROUGH bitcoin, so its current price is kinda irrelevant. 1 XBT =1,091.39CAD <-- Hardly "crashing" dudes.
Exactly, I think it is going great and 2017 is looking like it could shape up to be awesome.