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RE: BITCOIN (BTC) Update: A Significant Top (Wave III) Approaches
There will be a buying craze when BTC hit $3000 and if it gets near $2000 that would become a mania. Still $10,000 seem too high. BTC has zero long term value in the fundamentals department. It's a steam engine. The price will be purely driven by sentiment.
With Dash Evolution coming out it will get a good boost from a BTC crash. NEO might get a boost too. One thing I've learned the hard way is to trust TA for day trading as I haven't made a whole lot of money despite nailing every single and MEAN every single call right and....... just miss the money.
Trying to mix fundamental and TA for me has often given inconsistent results. I often comletey ignore the fundamental. Why? Elliott Wave states that an event or a reason shall arrive to justify the forecast. This means TA begets fundamentals and not the reverse.
Thinking when this wave begins alts will suffer as well as many have said have done so in the past. I plan to convert to btc to eth to hold as I dont want to covert to usdt. how do you store money or will you reinvest in a large cap coin?????/ thanks for your opinion if you have one.
With BTC being legalized tender in more and more countries around the world (Japan/Vietnam) along with increased regulations in Korea, India, USA, along with Venezuelans using it as a store of value in their hyperinflated country, why would it start to drop in value? We're seeing major upticks in Africa as well. That's fundamental value right there? Whether BTC is the old horse here or not, it's the one the world is betting on and where significant capital is going.
For BCH to overtake BTC or for the new upcoming hard fork of BTC in November to overtake BTC would require something cataclysmic to take place. That's not to say the forks can't survive and thrive. But I think you underestimate the power of BTC with enthusiasm over BCH and other cryptos based on their very recent gains.
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BTC isn't just old. It's a prototype. The biggest cataclysm of all would be cryptocurrency going mainstream. That would be the killing blow for BTC. The only reason BTC is even a thing is because of its first mover advantage.
Take a look at Tx/S and Avg Tx fee. It's theft in broad daylight. BTC isn't even very user friendly. We tech geeks have no problem but for most people it's too much.
Japan's #2 crypto NEM (which is also Japanese for the most part) has been capable of 3000Tx/S Think how easily NEMmwould clear the backlog while providing near instant transactions (60 second block time) or think about Dash and PIVX offering privacy features and 1.3 second transactions for almost 1/ 100 of transaction fee.
BTC is destined to die. The only reason it hasn't been dumped for better coins like Dash,NEM,PIVX is because cryptos haven't gone mainstream yet. Crypto is still the early adopters market.