Hey drakos, interesting...I like your writing. I dont actually follow anyone on bitcoin stuff, usually just keep my eyes on reddit...although that is now being replaced with Steemit. One gut feeling I have, wondering what your thoughts are.
*Unless we hit a really strong crash, I feel like the more time we spend in the 2k+ usd range of bitcoin, the more bullish it becomes for some point down the road. Lets face it, 2k+ is a LOT higher than it was. If we hang out here and have some sideways movement for a while, I think that ultimately lends longterm credibility *
Do you think that we're going to slowly come back down? It seem unlikely just from my feelings =) I have been watching bitcoin intensely since 2010...it never ceases to surprise to me.
Thanks for the feedback. I know many bitcoin fans are still hyped about it, but if you read my other article about bitcoin's decline, you'll find why it's failing. Bitcoin is losing its market dominance, was 40% earlier this week, and now it's at 38.8%. Granted it's a short term figure, but in the long run, it will slide further down. So no, I don't think bitcoin will remain a power currency, and yes it will exhibit a slow downtrend for sure. My bet is on the altcoins, not bitcoin. Also, let's say bitcoin goes up to say $6000 in a few months, that's a 100% increase from $3000. You can make that much gain and MORE with any of the cheaper altcoins, in a much shorter time, if you want to invest in cryptos.
The last significant crash happened at the end 2013 (after a hyperbolic rise, like we're seeing now). Bitcoin peaked at $1100 and during a year it fell to $200. It took two years to hit the $1000 level again in 2017, on a slow steady HEALTHY pace, with transient ups and dips, totally normal. I expect the same to happen again. However, considering the rising altcoins, that changes things dramatically. It will be difficult for bitcoin to reassert its dominance in the future, so maybe we will never see that $3000 again. Time will tell. Check my blog for the article I wrote about that topic.
Hey drakos, interesting...I like your writing. I dont actually follow anyone on bitcoin stuff, usually just keep my eyes on reddit...although that is now being replaced with Steemit. One gut feeling I have, wondering what your thoughts are.
*Unless we hit a really strong crash, I feel like the more time we spend in the 2k+ usd range of bitcoin, the more bullish it becomes for some point down the road. Lets face it, 2k+ is a LOT higher than it was. If we hang out here and have some sideways movement for a while, I think that ultimately lends longterm credibility *
Do you think that we're going to slowly come back down? It seem unlikely just from my feelings =) I have been watching bitcoin intensely since 2010...it never ceases to surprise to me.
Thanks for the feedback. I know many bitcoin fans are still hyped about it, but if you read my other article about bitcoin's decline, you'll find why it's failing. Bitcoin is losing its market dominance, was 40% earlier this week, and now it's at 38.8%. Granted it's a short term figure, but in the long run, it will slide further down. So no, I don't think bitcoin will remain a power currency, and yes it will exhibit a slow downtrend for sure. My bet is on the altcoins, not bitcoin. Also, let's say bitcoin goes up to say $6000 in a few months, that's a 100% increase from $3000. You can make that much gain and MORE with any of the cheaper altcoins, in a much shorter time, if you want to invest in cryptos.
Very interesting, if we are in for a rocky slope how long do you reckon it takes (for BTC) to bounce back?
The last significant crash happened at the end 2013 (after a hyperbolic rise, like we're seeing now). Bitcoin peaked at $1100 and during a year it fell to $200. It took two years to hit the $1000 level again in 2017, on a slow steady HEALTHY pace, with transient ups and dips, totally normal. I expect the same to happen again. However, considering the rising altcoins, that changes things dramatically. It will be difficult for bitcoin to reassert its dominance in the future, so maybe we will never see that $3000 again. Time will tell. Check my blog for the article I wrote about that topic.
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Yet you didn't ask "why are cryptos climbing like crazy?"
That's why
Disclaimer: I am just a bot trying to be helpful.