Bitcoin bubbles. I think the next one is coming
I think there is a new bubble coming to hit us. Check out my youtube video how I think the price can reach $2k-$10k this year because of it:
When looking at the bitcoin price over a longer timeframe, it seem that the price is going thru one bubble after another with calm phases in between.
How not to deal with bubbles
Alex Millar has created one of my favorite bitcoin videos describing this phenomenon in a very fun way called "Bitcoin is going to crash"
His advice: "don't buy bitcoin" however looking at the video it becomes clear that the price overall seems to rise and rise.
A more serious analysis
Michael B. Casey on the other hand has taking a more serious look at these patterns in his medium post.
He looks at the various bubbles and how they are connected.
It looks like they all happen in a similar pattern.
- First there is an explosion of the price
- Followed by a crash
- Lastly the price slowly recovers over time until it hits the highest price again.
After the last step the first happens all over again and so forth.
The key is that each bubble has a higher baseline and reaches new heights.
Will this go on forever?
Certainly not. But at this stage of the live cycle of crypto currencies I don't see this trend stopping. Ultimately bitcoin will reach a point where it won't go higher or will reverse, due to some other technology or even crypto taking its place.
For now there seems to be a new bubble forming once the price goes beyond $1200.
Michael C. has created this table what the next bubbles could look like.
I hope that whatever happens with the bitcoin price you will profit from it. And maybe if the bitcoin rises, steem can profit from it as well just a bit.
Good luck!
BULLISH BITCOIN..!! Upvoted and tweeted. Stephen
https://twitter.com/StephenPKendal/status/830735754645139456
Thank you. U have a new twitter follower!
Cheers. Following back. Stephen
Nice post, nice performance! Happy bday @knircky ;-))
Thank you Marly!
The latest Bitcoin related events in China didn't lower the price all that much, so I think it will pass its All Time High soon, and up from there! Especially if the Bitcoin ETF gets approved by the March 11 deadline. Should be an interesting month!
Yes and also an interesting year. Thank you for your comment.
I've also noticed this bubble/crash pattern. Every time it has been a higher high post-bubble and a higher low post-crash.
this happens in practically every market. Its because the crash is frequently mostly profit taking which changes very little in terms of medium and long term trends.
I hope we can see a few more of these.
Thank you for posting @knircky. Yes...it is going up and yes ...we at Steemit hope it pulls Steem up as well.
All the best to you and yours. Cheers.
Wow congratulations on totally nailing this well done :) I sold out couple weeks ago, maybe we'll see $10k on this spike as your analysis suggests, but believe we'll re-trace to at least $1000