There will always be enough Bitcoin...
Yet, a lot more expensive.
While doom and gloom believers state BTC will go down to worthless.
It might go up instead?
When I look at the whole pattern, taking the lowest point into account, then 7100 USA Dollar might be the current bottom. It could drop slightly below that number, as low as 6800 even. Maybe it is the weather pattern of the Northern Hemisphere? It does resemble last year its pattern, only then it was about 3K lower on average. Those gloom and doom spreaders might be wrong, so far it aint half bad. Maybe those peak values are merely a hype effect and are followed by disappointment. Though in the long run, things do go up, even if one would take the lowest points to draw a line, it does show an upward movement over time. The halving will come in 2020, making it harder for miners to get them some BTC rewards. This might reflect on the price, moving to double numbers, somewhere between 14000 and 15000 in the first quarter of 2020. More or less in line with the bottom values over time, that seems to be a possible target for next year.
The claim that there are only 3 million BTC left to buy is a bit strange, there will always be enough Bitcoin to buy. Mining Bitcoin is a different story though, yet newly created BTC will go on for a long time. It will slow down more and more each new halfing though. Therefore the logic reasoning might state that this should have an influence on the price development towards an upwards movement. Hard to imagine that BTC could drop to a 4K bottom. It just seems highly improbable that Bitcoin will ever see a 3000 value again. So, in the long run, the movement should go up, otherwise the pattern of the lowest values over time would need to show clear proof. Meaning that it would have to drop below 3000 USA Dollar soon. As some gloom and doom believers claim every time the market follows a deep downward trend. Almost as if they would want that to happen. Maybe they feel bad that they did not buy at 700 USA$, who knows...
My guess is that the top 100 will be the place to be for any kind of Cryptos. And most will merely follow the price development of Bitcoin BTC, I think. There will enough BTC to buy on the market, with a side-note that it will become much more expensive over time. And if all goes well, the first quarter of 2020 will prove that, where I expect a value between 14000 and 15000 USA Dollar will come in play.
Ive been trying to understand the market, the reason for the harsh drop, but I could not rap my head around any reasonable reason. Well i hope you're right.
May the cryptos be with us.....
Sometimes it is 'sentimetal', which is very strange in itself. Hard to grasp that. And there is leverage trading influence.
That is when a certain amount / percentage has been made and big time traders start to sell. The rest of the market gets scared and starts to panic, more or less. A few staged drops follow, until the big traders start to buy large amounts at a low price again. And a new build up will start.
That way the overall price will gain in the long run, as the leverage trading pushes it higher. This can be seen when you would draw a line that passes through the lowest value points.
For BTC you can see this how this results in an upwards movement over time.
To me that shows a bit more realistic average price development. And that is still moving in an upwards movement. 😎👌
Leverage trading is very risky though, tried it and lost. 😌
Very interesting, this explanation makes sense,..being a big trader must be fun..
What are your thoughts concerning bitcoin halving as regards price movement, taking into consideration how Litecoin performed after its halving....it was more or less insignificant on the price. I actually expected a mooning...according to what we learnt.
Big traders will make a lot of money cashing in on leverage trading. And they have the dough to be able to do so...
BTC Halving.
Logic would state that the price of Bitcoin would have to double after the halving. Yet, like you mention, Cryptos like Litecoin did not follow that logic. So there must be more to it then just the power of reasoning. Just like Dogecoin is still up there, while new DOGE are getting added beyond a 100 billion!? And Steem struggles to stay in the top 100, while innovating and soon adding Smart Media Tokens... No logic there it seems.
The Hashrate for BTC Bitcoin is still amazingly high. It has been over 110 Exa Hashes. Yet dropped to about 86 EH. Somehow it must still be profitable for miners to keep throwing more EHs at it. Mining equipment became more powerful, while using less energy. While many would have started to use the cheapest (natural) energy resources available. Cutting costs per Tera Hash still is going on. But it seems that it now slowly started to slow down. Meaning that there will be a turning point.
Bitcoin BTC needs to become more efficient and with innovations like Schnorr signatures it will. Yet, to keep trust in the value growth, mining has to show at least an average of about 90 EH. If this drops below 80, than the halving will not cause a clear price gain.
At some point in time I thought that a halving could double the value of BTC. But there is so much more to it. The influence of politics, for instance. Which could trigger a panic bear dump, or several following, causing drop of 30 percent or more. (Leverage traders love it...)
Many miners will have build a reserve and had some leverage profits, so most of them wont just quit after a disappointing price movement after a halving.
Sentiments are also of influence and part of that depends on how Cryptos are treated by the self acclaimed so called powers of the world. If some puppet on a string states: "Bitcoin, not a fan.", then some will shit their pants and shout "SELL, SELL, SELL!"
Fractional Reserve Banking is a very mighty influencer, that will do anything to put Cryptos in a bad light. And mainstream media will support its evil doing, as its bitch ho.
All that and more is of influence for the price development of Bitcoin BTC and all the other Cryptos.
So, to state that the BTC block reward halving should at least result in a doubling of its price might just be mainly wishful thinking.
Yet, I do think BTC has to go up in price, to a level where miners keep a profit, otherwise logic tells me it will be downhill from there.
Bitcoin BTC surprised me many times before though, so I keep my hope up high.