Bitcoin 3k?
I honestly don't know to much about analysis for crypto markets, the way I invest is by reading white papers and judging whether I think they have a good feasible idea or not, basically would I use this product in real life or is it a waste of time and do I think it is overvalued. Needless to say most of the cryptos are a waste of time and are way overvalued but there are a few potentials that I really think could change the world if they work out the way their white paper explains it. I do try to pay attention to the market as to not buy in at the wrong time when the market is to high but that is usually about it.
After bitcoin came down from $20k to about $8K I figured the bubble popped and time was right to get back in.... and I was right (for a little bit), the market went back up to nearly $12k bitcoin on a nice steady rise for a while with all the alts following behind. I thought about taking profits but I figured we were good to go for a bit longer yet, boy was I wrong, the bears came back to town and they came in hard. Bitcoin was drilled down to the $6k marker and has been up and down between $6k and $8k since.
With bitcoin trading sideways lately things are getting a bit tense, especially on steemit. I keep reading that bitcoin could potentially go down to $3,000 USD or lower!. If so that is a hard drop and a long ways to make up for in the market. I would almost consider selling now and then buy back in at lower prices if I had a better feeling, just to try to make up some of my recent losses.
I don't know if this $3K bitcoin is true or not but I really have a hard time believing that. I know we went up way to fast and that we are still in a bear market for more than 6 months but to see this market reduced by another 50% seems almost unreal to me. I think $5K is a really big floor and I'm hoping it stops there, but like I said I don't know shit about markets! I do know that a lot of cryptos are doing great things internally but their prices just keep going down because of the way the market is behaving right now. I wonder how long will this crypto winter last? What do you think? Share with me in the comments below.
If you want to really know why people say 3k BTC it's because of this.
The 200 weekly EMA is at about $2500 right now. Pulling back to that should be considered perfectly normal. since the 200 EMA is still in an uptrend, a slow decent down to it might suggest we bounce off of it around 3k. It's perfectly feasible to believe that 3k BTC will come to pass. Does that mean OMG it is dead? No, quite the opposite, 3k BTC would mean it could resume quite the uptrend again.
Bitcoin is a controlled asset since the futures started. I think it is either a threat to the central dollars or the next centrally planned thing to transition to after fiat dies. Either way, long term will do well against failing fiat. Short term wouldn’t be surprised to see it get bid down to shake out weak hands before the real fireworks in all the different bubble markets start. There will be a coordinated central asset grab soon, good time to be diverse
I do think banks will try to switch to cryptos but they will develope their own coin not use bitcoin or any existing coin because they will want to have a monopoly on it and control it from the start.
I often wonder how well cryptos will do when bubbles start popping. I know that silver and gold do very well in crashes but nobody knows about cryptos because we haven't had a crash since cryptos were born. I only fear that not enough people even know about cryptos and that a lot of people will be hurt by the crash and be looking to take out any extra money they do have in cryptos just to get through the hard times. Among many things we also really need better on off ramps for cryptos to fiat and less volatility before average people would be willing to get involved in cryptos. I hope you are correct I just really don't know how people will react and that makes me a bit nervous because I do see the storm coming in fast and hard with our financial system.
I can't speak as a financial adviser but a friend. What is the intrinsic value of a tulip bulb? It is really in the eye of the beholder.
Those who won off the crypto bought part and sold part.
It wasn't all or none.
Prudence comes when we realize that we really do not know anything.
There is no way that we can go back in time.
There is no way we can see the future.
It is what we make it. Some had no fall back plan. They are working hard to make something out of the crypto that they invested in. Some gave up and do nothing.
If you sell all your coins now in FUD you may be right. Bitcoin may be worth nothing in the future and the other coins may follow.
And what if you were wrong?
I can see your dilema.
Pay careful attention to peaks and lows and patterns if you sell.
As for me I'm glad I didn't invest much and I'm glad I'm not rich.
I always hoped you would be rich.
Blessings to you brother.
I definitely wouldn't call it tulip mania but I understand what you are saying and I appreciate the sentiment. Overall I am still up if I include all the cryptos I have bought since I started investing in cryptos a year ago, I am just down a bit on this last batch I bought. I just don't know If walking away just above even is the right thing to do or to actually just ride out my decision. I don't really care about being rich, I just truly believe in cryptos, I believe that like the internet they will change the world as we know it. Honestly, it's not about the FUD at all, its because of all this bad luck I have been having and being on the road for so long living in hotels so I have spent a lot of money in the last 4 months. I can't decide if I want to ride it out longer or just call all of it a learning experience and walk away with a small profit (about the same as I would've made in the real stock market). I still have a few options, I just am trying to decide whats best for us right now. I wouldn't mind waiting but if its going all the way down to $3k then I would love to pull out now and get back in closer to 3k. Either way I am not upset about my crypto adventure, I am a believer and will still be holding my all of my steem and a few other coins I just can't let go of so I will be alright, especially when steem eventually makes it to $100USD LoL ;)
Thanks for the comment, take care my friend.
If you are gonna have your money in anything right now looking for a bullish move....Binance token is the only place to be.
Sorry i havent commented lately, i just moved into my new house and i dont have internet yet and im in the country so i barely get cell service.. ill be back around in a few days.. thanks for keepin me up dated on shit..
You never fail to make me smile.
We will see this dream come true!!
Steem is different. It isdesigned towards monetizing content. It won't reach $100, but it shouldn't ever drop below $0.90, either.
I think you are getting steem and sbds mixed up.. steem is the platform on which steemit rides on, sbd is the reward token in the steemit network.. Steem definitely could go to $100 in the future when more dapps are on the steem network. As more Dapps enter on the network there will be less and less steem available for use making it worth more money because of the supply and demand aspect of it. SBD is for monetizing the content, it is supposed to be pegged at $1 USD to help keep rewards where they are suppose to be, unfortunately it has got a bit out of control when the bulls were in town because the supply is small enough for people to manipulate and thats why it got up to $15 at one point.
If you are confused about how all this works you can read the steem (not steemit) white paper and it explains all of this. When new companies (mostly smart media tokens) like Appics start building their Dapps on the steem blockchain the price of steem will definitely rise just like etherium did when they started hosting other cryptos on their block chain. Thats why I refuse to spend any of my steem for now.. I know one day it will be worth a shit on more than a $1.60 each.. it could most definitely see $100 in the years to come my friend. It doesn't matter if steemit makes it or not.. steemit is just the test net for the entire network.. ;)
The way the steem blockchain economy works is designed to ground prices. SBD is directly connected to STEEM. This is a very positive and unique outcome.
I can see the possibility of STEEM going to the moon, but it is very unlikely. Many dapps would have to join at the exact same time to make this happen, as the price would drop over time until the next app arrived.
Thank you for your continued support of SteemSilverGold