Get ready, it's time for year end bitcoin predictions! Wait, are they even relevant?

Image Source: Currexcy.com

Bitcoin, be it core, cash, gold or private, is down AGAIN! Last I checked, bitcoin was trading somewhere close to $7,100. But, when MOON? It doesn't matter what the evangelists say - its the final wave of a short term correction, formation of a triple bottom or beginning or another month that will be the last time you'll see bitcoin below a certain level. I want to reiterate - bitcoin price predictions are useless, no matter who they come from and its time you start holding the predictors accountable.

Now, some things in this market are true and logical -

1. Bitcoin is a great innovation
2. Adoption rate is low, increasing and will continue to increase (as evidenced by banking, regulatory and institutional interest)

By simple logic, higher adoption rate will lead to price increase. Supply is limited. Vested interests want to see a price increase and will hold. The newcomers will lead to a supply demand imbalance and thus parabolic price increase on a zoomed out chart or in the long run.

TA is controversial but may be useful. The good thing is most TA is for short term price prediction, or at most medium term. Also, if your a long term hodler, volatility is noise and TA irrelevant.

So, where do the price predictors or market gurus stand?

If price is going to go up, go ahead, put any number to it, reasonable of course, and give it 3 to 5 years (long enough for you to forget and for the predictor to be right) and you can also be an evangelist. In fact no reasoning is required either. All you need is success in some field completely unrelated to bitcoin and you will start seeing the future.

Guys, these calls for 20k, 25k, 50k, 100k, 250k, & 1mn are absolutely pointless. You can be as accurate or as wrong as anyone making these calls. They dont help influence price in the short term. They dont affect decision making of smart investors. They dont offer any insight or reason. They may get some new people involved in a very volatile market and they may not like that vol. More so, you will never hear anyone say, "sorry, i got it wrong".

Saying something isnt financial advice doesn't make it right. It may not be financial advice but its influence that may cause someone to act in a certain way.

I wrote this article because crap ass predictions are back again. I have heard "screeming buy" come back. I hope market turns but it will not do anything to justify or validate any of the predictions that you read or hear.

Remember, its organised randomness!