Have no fear, Bitcoin to double from here. Altcoins (Steem) to do even better.

in bitcoin •  last year

In a report out from Tom Lee today, he is just as bullish as ever on bitcoin and the entire altcoin market.

Tom Lee stated that he thinks that based on historical trends, bitcoin will hit $20k by June.

The recovery in prices is roughly equal to 1.7 times the fall according to Lee, in terms of time.

What does that mean?

It means that the recovery takes close to 2 times the amount of time as it takes for prices to reach their lows.

This latest bear period lasted for about 50 days, which means it would take roughly 85 days to reach new highs after dropping by more than 60% when you apply that 1.7 times metric.

Which would place the time for bitcoin to reach new highs right around June.


(Source: https://www.cnbc.com/2018/02/28/struggling-bitcoin-will-double-by-mid-year-wall-streets-tom-lee-says.html)

A double in bitcoin sounds great, but what if I told you that you might be able to best those returns buying some of the altcoins?

According to Lee, he fully expects to see another altcoin super cycle like we saw last year.

We saw one in the Spring of 2017 as new exchanges came online, and we saw another one in late 2017/early 2018 as new retail investors entered the space for the first time.

Lee didn't explicitly say which altcoins he expected to outperform bitcoin, but he has hinted at the likes of Ether, EOS, and Neo in the past as he said he thinks the fabric chains/coins will continue to do very well.

In a previous interview he mentioned many of the coins listed in the top 30 by market cap would significantly outperform bitcoin this year.

In fact he referred to 2018 as the the great rotation and the year of the altcoin:

(Source: https://www.cnbc.com/2018/01/29/2018-might-be-the-year-of-the-great-crypto-rotation-tom-lee.html)

He seemed to hint strongly at the top 10 coins doing the best.

We need to get steem in there ASAP as it might be seen as somewhat of a fabric chain itself with the introduction of SMTs (Smart Media Tokens).

The bad news in all of this is that Lee said he expects to see money start flowing out of those smaller market cap coins back into the top market cap coins, coins with less than a $3 billion market cap.

Which means we need to get steem to cement it's name in there with the top couple of coins before this great rotation really starts to kick into high gear, if it hasn't already.

The launch of SMTs is really the game changer here and hopefully we can get that launched as soon as possible.

The link to the SMT whitepaper can be found here:

https://smt.steem.io/smt-whitepaper.pdf

From everything I have read it looks like they could be ready by the end of Q2, which would put the launch some time in the June time frame, right when bitcoin is making new highs. ;)

I would add a month or two though on to that expectation, just to be safe.

Stay informed my friends.

Image Source:

https://www.cnbc.com/2016/09/30/tom-lee-these-tech-stocks-will-beat-the-market.html

Follow me: @jrcornel

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I mostly agree with Lee, but I think another sell-off in stocks will put a damper on any bull market in cryptos.

As for Steem, we needs to get Steem and SBD pairs on many more exchanges to improve liquidity and access for investors.

Yesterday, more than 60% of Steem volume was on Upbit's Steem pairs:

https://steemit.com/steemit/@techwizardry/we-need-more-exchanges-upbit-s-steem-krw-pair-has-more-volume-than-bittrex-and-poloniex-combined

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Good point and also good info here. I had no idea Upbit was that much of the volume. On most days when I check Bittrex usually dominates the steem volume. Thanks for the heads up!

I think the worst is behind us now. We had a serious correction, now there should be a little sideways movement, and then the next run up. I'll be HODLing.

With SMT release STEEM not only join the fabric chain but also it has proven platform with almost million userbase (e.g. Steemit, Dtube) and record transactions with its side while EOS/NEO has to prove they can deliver the product. With SMT, STEEM could (should) have advantages over other fabric chain with lofty promises but no proofs yet (e.g. userbase or DApps). STEEM also has advantage of solving the issue of distribution being the early mover and on-live for two years where is no silver bullet for fair distribution (e.g. PoW, PoS etc.) other than dilution with time.

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Seriously! Steem should be much higher in market cap considering that it does have a working product, and a unique one in the crypto space at that. Other coins are competing with each other within the cryptospace, smart-contract tokens, privacy coins, etc., while Steem has a monopoly over the social media/blogging aspect of the blockchain.

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You make it sound like it is economically desirable for people to make money without corporate getting a cut. "Don't you know that's socialism?"

I completely hear you, and that's what scares me. I see this like you, product, a new way of monetizing time and creativity – it's amazing.

But because it could be that way is a problem. And it's a real problem. Can't have this shit get away from the "serious" traders and the trading houses; that'd be chaos!

Steem AND SMT could be deemed a threat to both money and work. I'd be afraid if I was a bigshot and knew what you and I believe about Steemit and the Steem blockchain.

Steem is seriously disruptive, I think, specifically because it has an ecosystem that goes along with it. The focus on content creation and self sufficiency on perceived value is an anathema to the "Box it up and ship it out and pay nobody" mantra of today's "bleeding edge" businesses.

I like it. I find the idea brilliant. I think it could make life better for more people.

All of these things combined, in my 45 years of experience, means that, what ever it is, it is a threat to the people who run the show.

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Purpose of the STEEM blockchain is to tokenize the Internet (i.e. World). Steemit (i.e. Social Media DApp) is just an application running on the blockchain.

More: https://steemit.com/steemit/@lexiconical/what-if-steemit-really-is-just-a-beta-afterthought

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Completely agree. It has a solid ecosystem and it's growing. It's unbelievable what we see here. The commitment and passion of most bloggers and the team behind Steem.

I could use another 150% increase hehe. HODLing on!

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This is good ideas @cryptoeagle, u are always thinking smart and fast, wish to work with u and i will really appreciate ur support from this moment boss

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hell yes im still hodling for the double plus!! =]

Awesome @jrcornel. I think Lee's speculation based on Historical Trend is perfectly fine. I know $20k by June looks a lot of work but believe me we hit that mark a few months ago. So, from a drop of 60% we are going to see a high of only 50-55%

I think BTC has a potential to reach over $40K by end of this year. That's a digestible raise I could see. But in Crypto Universe, you never know anything. It could go to $100K or $0.

Coming to STEEM, people have been joining the platform like crazy. You can see how many people are generating content on daily basis. With the announcement of SMTs, I hope to see STEEM as $30-$40 by year end and $1000 in five years. Great times ahead. 🍻

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Those numbers sound good to me, though I think it may take a little more time for steem to hit $30. Perhaps by the end of 2019. :)

I agree!! The future is bright!!

I personally am super invested into LISK. Super impressed with their relaunch, and their stress on user-friendliness and accessibility that will lead to mass adoption. They are focused on creating a product that the average consumer will be able to develop on and that is why it is my number one pick going forward.

Great news for crypto hodlers.

Not that we didn't know already, it is always delighting to hear it over and over again!
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SMTs will change the equation

Bitcoin doubling from here means it hits the ATH again. Which means a lot of people from the holiday buying are just breaking even.

That's not good enough.

It needs to 5x from here (which would be doubling its ATH) to be newsworthy.

We are still in recovery mode from the "correction". Don't be fooled by the fake bull.

Whether steem is or is not in the top 10 is irrelevant, steem due to how it works is not a great crypto to hodl. Steem is usually converted to steempower or sold pretty fast.
Steem is operating in it's own unique niche and the steem community will continue to reap rewards regardless of what other cryptos are doing.

I agree with the surge that is coming and if you are smart you can benefit from both Bitcoin and Altcoins. The key is to make sure that you are doing you research and investing in coins that have some tangible functionality. Make sure they are rooted in a strong blockchain and that they actually serve a purpose. There are way too many garbage coins coming on the market every single day. Fingers crossed I did the right research.

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You and me both!

I agree with Tom that we are heading for new highs. Not sure about the timeline to reach them with so many other key factors this year like interest rates rising around the world making money tighter, but there will definitely be upticks throughout the 3rd and 4th quarters for sure. Regarding Steem, yes we do need to get it into the top ten. Tell your friends and family to join and become active. Thanks!

I think some of the top 10 coins will just go to position 30-40 during this year. Which ones? I have no idea. The cryptocurrency market doesn't work with logic, it works with emotion so predicting is really hard. But it is interesting to see if we can get out of this slump this year or if it will take a year or two to really start climbing again.

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Good points. There are very few fundamentals in the space currently which means fear and greed rule the space.

Baffles me that Steem only has a $815 million market cap honestly, it already has been adopted by so many regular people, it just shows most of the attraction to cryptos right now is still speculation! (Which isn't that bad in and of itself because it still allows people to earn dat extra money :P)

IOTA will skyrocket in 2018 and beyond ;) don't get left behind!

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I've heard really bad things about their wallet. To be honest I haven't looked too much into Iota, other than the fact that they don't even use blockchain, but Tangle or Tango(?) which is a supposedly superior technology to blockchain. We will see how it all pans out.

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The new trinity wallet will arrive in 5-6 weeks and will take care of all the doubt that's been going on. It's well worth another look. IoT is the future and it will revolutionize our world. Technology is constantly changing.

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That what I thought when I bought it, but I bought too high/late..

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I bought at ATH and have no worries. It's a long term play.

Great post, found it useful. But I dont think that cash is goint to be flowing out from the small coins. People already know that small coins got large potencial, and bitcoin cant stay forewer at the top..

Wow I am so exited about the future of steem , thanks for sharing this my dear @jrcornel . Moreover, I am very passionate about what SMT and Hardfork 20 will bring...I am even planning to take advantage of the technology and launch a project using SMT-currently am using ERC20 in my current project and ideas never end. Keep steeming to more success. Today on my post, I discussed issues relating to wants and needs including to peg or not to peg sbd-feel free to send in your suggestions which are always welcomed. I wish you more success.

I seriously cant wait for it..IMG_20171119_200728.jpg

Very good post. Thanks for regular posting. Love you buddy

EOS is @4:20!!

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Yes I noticed that as well. Would love for steem to be mentioned the next time one of these comes up.

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Thats awesome @jrcornel I mean if they start talking about EOS & Dan Larimer then STEEM will eventually get brought up.. I mean HOW CAN THEY NOT BE TALKING ABOUT STEEM!? It is literally a blockchain community (of almost 1 million people) with ALL of the same types of social networks as the Big Ones built on the STEEM blockchain..

Source: @overkillcoin

Only you earn crypto for all your likes!!

They say there will be a crypto to replace them all.. I think we already have it 🤑

Thanks for great post..i appreciate this crytocurrency..all the best...

Ahaan great stuff you doing great work.Thanks for inform us God bless you. Hope so we Got our best.

well post helpfull post for all steemit user....
thanks for shareing..

currently it doesnt seem so but let us see.

thanks for the information

Great !!! Good news and good idea to get steems !!

Bitcoin is more likely expensive trend for lucky adopters. I remember when the price of bitcoin used to be 2$ and mostly youth and I.T. Interested people used it. But now it is a game for rich whales and no more a toy for I.T. People.

good, we all improve each other great to build steemit forward

It would be a good news if bitcoin price doubles! I guess to be safe, it's better to purchase both bitcoin and alt coins.

I am buying Bitcoin. Not so much because i think it has the most upside but more because the alts like Ether went up so much last year that my account is out of balance. I might sell Ether to buy Bitcoin but that pair has not hit the top of the trend channel yet.

sure everyone can predict, but no one really knows ... it's all speculation

Good news my friend

Muy buena la información, gracias por compartirla.

Great post... i mean it would be awesome if it doubled so soon... but i'm in for the long run so it will get there eventually so i'm just being patient :)

Everything points out that Bitcoin is going to lift of like one of Elon Musks rockets. Look at my post about the network effect.

Steem is so undervalued its ridiculous - although not early to Steem I still feel im early enough - its such a great platform I love it!

Looking forward to SMTs!

Bitcoin is gona go up to 20000$

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Not looking like it'll do so anytime soon though :( But maybe that's healthy for the market.

I like LEE , just surprises me he sold all of his lite coin. I've heard his purpose, to be unbiased, but what do you think?

in bitcoin we trust, HODL According to my last graphic analysis and elliot waves, it seems that we are changing the trend

everything will be fine

Good to hear that, i am grateful dat steem is taken over it all about time @jrcornel. Thanks dear

hey buddy. a good week your article make. i also have articles and ad articles also how funny. may clay have me

Difficult to tell these patterns because everything is changing so much, but I do agree that we are going to have new highs in the summer. Yes Steem needs to be on many more exchanges so more people have access to it. Also the SMT will be a welcome addition and it cannot get hee fast enough. Any ideas for raising Steemit's profile?

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I think SMTs will help with that a lot and I think when communities get here as well and the platform gets a much larger user base, steem will likely trend higher.

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Yes and thanks I agree.

Take every prediction with a grain of salt. Don't get too euphoric, or pessimistic with people's projections. Keep a level head and invest, or trade without emotions.

I hope this is a reality and not just a Dream .

Steem deserves to be in the TOP 10 in my opinion.

hi everybody

That's my hope! I am just keep buying and buying :)

sound good
I still do not get steem coin is 27th coin in the market