Crypto Analysis Report 12-30-18...Has Bitcoin Bottomed???
On 11/27, Ned Scott announced that the company was laying off 70% of its workforce due to falling crypto prices and high operational costs and would focus their efforts on reducing costs and making Steemit more economically sustainable.
Bitmain is the world's largest producer of cryptocurrency mining chips recently announced that it will start laying off, up to 50% of its employees. This is after hiring 2100 employees in 2018.
Even Coinbase, the biggest crypto exchanged in the US laid off at least 15 employees back in October from the Support, Fraud and Compliance departments after hiring 250 new hires in 2018.
So the question becomes is there still pain for Bitcoin and are we in the process of bottoming?
Big Picture - Ugly
Small Picture - Pretty
After coming within $200 of pivot low that was established back in Sept of 2018, buyers have stepped up their game. However, the crucial level remains the daily supply at $4500. If price can breached that level, price has a chance of moving higher.
I'm in this for the next 20 years. More importantly because I follow the Smart Money $2 trillion on Wall Street is itching to get into the crypto space.
Some analysts believe bitcoin will re-emerge — like the proverbial Phoenix rising from the ashes — on back of momentum created by institutional investors, the Australian Financial Review reported.
“The fact that David Swensen [Yale’s chief investment officer] put an investment into bitcoin — with his reputation on the line, his endowment on the line — tells you something,” Novogratz said. “Some of the smartest people in the investing world think it’s a store of value.”
In December 2018, US lawmakers proposed legislation designed to prevent bitcoin price manipulation and position the US as a market leader.
Congressmen Darren Soto and Ted Budd are pushing for widespread adoption of crypto, saying the US must not ignore its “profound potential” to bolster the economy.
So the question becomes is there still pain for Bitcoin and are we in the process of bottoming? It is my opinion that there is more upside, then downside...2019 should be an interesting year for Bitcoin.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
I just did a quick review of some of the big names in this space and out of 9 there were only 3 so far that think we have already bottomed. Many are calling for the end of 2019 and even 2020 til the bull run happens again.
It will be interesting to see how the equity market plunge affects the crypto space. What level are they calling the bottom at?
Bobby Lee says $2,500. Tone Vays thinks we could drop as low as $1,500 or so but more likely in the $2,000 area. Anthony Pompliano says it will only bottom after we drop below $3K.
Jeff Berwick however called the future bottom at $3,500 back when BTC was at $20K so they put in buy alerts to their subs at that level...
I honestly think we are pretty much as low as the market wants it to go but could always re-test the low $3K range if there is some sort of major announcement from the SEC or Justice Dept, IRS, etc. The market is extremely fragile right now and anything can either break it down or pump it back up right now.
Fully agree with you, 2019 is going to be an exciting year for crypto.
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2019 has to be better than 2018.
It couldn't possible get worse than is was in 2018. I was up 27x in January. Now I'm up essentially 1x. When I invested it was a buy and hold strategy. I continue to buy and at these levels where my favorites project positions can be doubled for a fraction of the cost I have into my positions.
LOL what if we just had a total bear market through all of 2019 too!
Here to stay for sure! Interesting to see how people that thought it was great at $15k are now staying away...
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that's a great point, I'm sure those people got so burnt that they are staying away, not realizing to buy low and sell high.
Great summary and I can only agree with you. We do not know in the short term but I feel quite confident that Bitcoin will be there in the Long term ...
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Thanks @vlemon, Bitcoin is definitely here to stay.
I'm still hearing a host of ignorant fools saying it's going to zero. You'll know things have turned around when these same people start evangelizing the benefits and value of blockchain and cryptos:)
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