Bitcoin has already erased 50% of the drop from late 2019
Bitcoin is already making up much of the ground lost late last year
Overall, 2019 was a bullish year for bitcoin.
It ended the year up roughly 100% from where it started.
However, there are some caveats that made it not quite as great as it sounds on first glance...
Firstly, bitcoin started last year literally on the lows, right around $3k, so a double from the lows didn't feel all that great.
Secondly, bitcoin dropped roughly 60% from the highs seen in the summer to end the year on lows in December.
Which somewhat left a sour taste in the mouth of investors...
2020 is already erasing much of the second half weakness...
However, given the slightly negative context mentioned above, bitcoin has been doing a lot of heavy lifting already this year.
Currently it has erased almost 50% of the second half declines already.
Check it out:
(Source: https://www.coindesk.com/bitcoin-has-erased-over-45-of-2019-sell-off-in-just-7-weeks)
Doubling this year would feel like a much bigger win as the price started the year around $7k.
However, I think there is a very real chance it much more than doubles this year.
The reasons why I think that can be seen here:
https://steemit.com/bitcoin/@jrcornel/btc-bitcoin-sees-best-returns-in-january-since-2013
https://steemit.com/bitcoin/@jrcornel/btc-q1-on-track-to-be-best-quarter-in-last-7-years
https://steemit.com/bitcoin/@jrcornel/btc-perfect-storm-is-brewing-for-massive-bitcoin-rally-in-2020
And here:
https://steemit.com/bitcoin/@jrcornel/btc-bitcoin-likely-to-perform-even-better-in-2020-than-2019
Where does Bitcoin go next?
Judging by the recent price action, I think we go higher in the near term as well.
Prices usually don't give you this long to sell the top, it's usually pretty quick, and the fact we have been hanging out around these recent highs is telling to me.
For that reason alone I think have at least another surge left.
There are also many technical patterns suggesting that prices likely going to go higher before any kind of substantial dip.
Stay informed my friends.
-Doc
What will you do given the bullish sentiment on BTC? In addition, how will you act given the sentiment produces positive price changes? I think that in any event, producing any means of satoshi earnings is a worthy endeavor. However, I fear we will see another cycle of hype where retail investment rushes in out of fear of missing out. My approach will be to teach as plainly as possible my community about sustainable practice concerning altcoins, and blockchain as a whole.
My plan is to follow the previous price cycles. I have been accumulating these last several months/year and will not be selling any until middle or late next year. If things get euphoric at some point before that I will unload some there as well. No reason for me to try and trade in and out and miss the biggest moves.
hmm you are a smart investor....
Posted via Steemleo
wow i never noticed that before,thanks for bringing it to my attention...
Posted via Steemleo
Well, this increase is normal because the same thing happened 5 years ago, when halving arrives, people go crazy buying, and when the day comes when they cannot be mined, their price will rise 20 times more
Posted via Steemleo