Longer Term Look At Bitcoin | BTCUSD
I don't believe the correction is over yet.
I believe we are having an impulse within the correction.
An impulse that will push above the february 20th high of $11,788 before it will correct down below the $6000 low of february 6th.
I agree with Marc de Mesel. People are still way too optimistic. I've been hearing about the start of a new massive bull run.
This impulse in which some coins have doubled or even tripled has given many a new hope, but I don't share their hope.
There hasn't been much soul crushing pessimism from the space, so it seems to me that the overall market is in the "Denial" stage at the moment.
I know it's a revolution and that all the projects that are being build are promising, but be honest, how many times have you paid for something with a cryptocurrency or used a dapp in your daily life?
Long term I see massive upside, but to complete this correction, I believe we will see a sub $6000 low.
Of course I could be wrong.
Joël
To find out why this is what I see in the charts, check out Anil Mangal's Youtube channel.
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✅ @joelchristopher, congratulations on making your first post! I gave you an upvote!
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I don't do f4f.
Such a pessimistic view but I suppose it's just as valid as the optimistic views.
The truth is, as I understand it, NOBODY knows and we have people from both sides claiming they have some predictive insight to prove their view when in reality it's all just guesswork.
The crypto market is still a tiny little fetus that is slowly taking shape while we're all waiting for it to be born and achieve its true potential.
There isn't enough data to accuratly predict the Crypto market yet. This is why it's such a volatile marketplace.
However, my guess is the market is going to continue to grow and grow for the next 5 years at least. Whether Bitcoin holds onto its dominant market share is hard to tell. My best guess is, this will fluctuate with media attention and investments going into smart contract blockchains. I think Bitcoin will always stay above 20% market share.
But like I said earlier, this is all guesswork. Investing in Crypto is ALWAYS a risk which is why you can earn some serious returns in a short amount of time. Anyone investing in crypto should be aware that Quantum computing could make a giant leap forward next week and solve the cryptographic problems that keep blockchains secure. (This is why I only have confidence in Crypto for the next 5 years)
First of all, thanks for the reply.
It's basically a post and not really a reply to my post, but still. I appreciate the attention
I don't see why it's pessimistic. I can short cryptos when they go down and make money.
It's pessimistic if you're a hodl'er.
I agree, nobody knows, but some educated guesses make more sense than others.
Some theories/strategies that have been proven over and over again make the educated guess even more educated.
How do you know there isn't enough data yet to predict the cryptos? How much data is enough? Not having much data is not a reason for volatility. It's very volatile because it's a relative small market where FOMO and FUD go hard.
I agree. When the correction is over I see new all time highs voor BTC and most altcoins.