BITCOIN THROUGH $4,000. WHY THIS IS NOT A BUBBLE
GOOD EVENING STEEMIT!
Remember when I was all excited after Bitcoin broke above $3,000?
LOLOLOLOL, fucking check it out now!!!
$4,000 plus baby!
I know I'm a bit slow to the #fourgrandparty, with bosses like @bulleth writing their Bitcoin at $4K blogs nearly a full 24 hours ago, but I've got something a little different than just CHART ART analysis for you today.
So with Bitcoin making further new highs, the internet is once again abuzz with the self-proclaimed experts telling you and any other mug who will listen, that crypto is a classic bubble.
Case in point, old mate Dian’s BTCUSD - New Paradigm Phase TradingView post chiming in to tell us that “every bubble ended the same way” and that “they all came back down sharply"
Here is the image of the TradingView post that I linked above:
Dian’s Modern Bubbles:
- Oil: 2008
- Nasdaq: 2000
- Shanghai Index: 2007
Dian goes on to post charts of each of the bubbles below and hey, they look pretty similar. Maybe she and that pest in your office at work who always told you so, but never seems to be getting anywhere from those great calls himself, might actually be onto something here?
No.
The difference between Bitcoin/Cryptocurrency and the markets that are listed above is that they are all accepted at a mainstream and institutional investment level. Bitcoin on the other hand, hasn’t even started to be accepted.
I want you to start doing the @forexbrokr bubble test:
Ask your Mum, your neighbour, the bloke you buy your bread off and the next taxi driver you come across what their thoughts on Bitcoin are. Only when all 4 turn bullish on the same day, do you then know that the market is in a bubble.
I don’t know about you, but my Mum is not racing to open up a Bitfinex account any time soon and whenever I get in a cab and bring up Bitcoin in my normally annoying drunk small-talk, I get shut down before I can even finish my sentence with “SCAM, IT’S A SCAM”.
With the world continuing to go down the path of forced retirement saving to take the burden that an aging you is away from the state, there is no shortage of big money floating around at an institutional level. But how much of this money is going into crypto?
Yep. SFA!
I think the fact that Dian put a US stock market index that every week makes record highs above the supposed ‘bubble top’, tells you a lot about the logic here.
That there isn’t any. Buy the motherfucking dip!
BTC/USD is an absolute textbook bull market. After price has broken out and sits above higher time frame resistance, you're only looking to buy or you're fighting momentum that you just don't have to.
Buy any and all intraday pullbacks into short term resistance turned support. It's just bouncing every time. An absolute dream market.
Bitcoin is not in a bubble that will end in tears. Buy. The. Mother. Fucking. Dip.
Peace.
Related @forexbrokr CHART ART Blogs
CHART ART: Friday Altcoin in Focus: IOTA - IOT/USD
Instagram: @forexbrokr
Website: www.forexbrokr.com
The adoption has started globally and many countries are planning to regulate it in one way or the other to avoid the bad actors in it. Many celebs in different nations are promoting specifically Bitcoin for spreading the awareness.
This is just the beginning. If this trend continues we may see Bitcoin hitting a 10,000 mark this year itself. Hope for the best and invest wisely...
Hey Mystic,
The decentralised and private nature of bitcoin makes regulation tough. Nation states can't just click their fingers and apply rules for fiat currency that they control, directly to a decentralised, global currency like Bitcoin.
They can make it illegal at a national level, but once again, in a global environment like we live in, this simply doesn't work.
Bitcoin is here to stay and countries need to get on board and ride the wave of momentum, not fight against it.
I've given you a follow. Cheers mate.
I hear you. I do agree on what you are saying but most of the European and Asian countries are planning to have some kind of reforms on how to encourage cryptos. Of course there is no more FUD about Bitcoin's acceptance anymore as it has passed that phase. But most of these countries are planning to regulate it and track it under the nation's Security and Exchange body. It would be really interesting to see what kind of measures they put in to so called regulate it and how it's gonna work?
Thanks for following @forexbrokr. I am doing the same. Cheers!!!
I must say your analysis is a befitting reply to the skeptics who who never miss a chance to tag Bitcoin a scam or the current uptrend a bubble.
BTMFD is very intellectual analysis. It attempts to encompass the emotions around fear of missing out in a runaway bull market.
It's just expressed in a way that everyone can understand :P
But, but.... It's a scam! It doesn't rely on the trusted governments that never stole from the simple citizens, nor the big banks that never lost our trust with bad loan bubbles.
Try explaining that to your taxi driver who has been driving around for the last 13 hours and can't speak English well to even start with haha.
Crypto hasn't even started to scratch the surface of going mainstream!
Well, to this kind of people, just tell them, to buy quick to make a bunch of quick money they don't have the notion of investment, they know only work (blue collar) = money, everything else is a scam because thy are ignorant to the bone. they will buy high sell low anyway, maybe even giving you the keys or password.
Absolutely. But the exchanges for now are regulated. Bitfinex would no more cater to US due to the regulations. May be a truly decentralized exchange could be a solution. We might need to wait for a while to make it happen. I guess project like Iconomi should succeed creating some excellent solution. It's still the beginning, many good things will show up our way. Be alert, invest wisely...
We know the rules:
It's not a bubble, until old Granny is telling you about it. 👸
Haha omg, picturing my late Grandma chatting about Crypto.
Kicking the bucket was her saying. Ah good memories growing up :)
nice post
Hey thanks bud!
Hey @funny4all. Tell us a joke at least?
The enthusiasm is high. Ain't gonna abate soon. Why it won't dip in my opinion is this, the distrust in govt is at an all time high. Venezuela is deep in shit because of bad financial management in a centralised government. Trump doesnt behave presidential enough to tell us he can manage America what more if he wants to manage the world. The underlying fundamental to any country is not the strength of its troops, its the strength of its economy. The backbone to any economy would be the currency that oils the clockwork. So there you go. Why do China shy away from controversies, because they ain't no hero. Won't shock me if they have a good stockpile of bitcoins as their reserves.
Just wait until we see the next debt bubble burst and we get GFC at a global central banking level.
It's going to happen, it's just whether they can stay in control.
We just need another Venezuela to happen. Spain and Greece are potential candidates.
Very interesting post. Helps me
Anything in particular, mate?
humanoid bot
Poor India...
i upvoted your post plz upvote me back!!
You post this same comment over and over on not only my post, but other #teamaustralia posts as well. You're a pest.
Seriously, put in some effort to at least pretend to have read the content you're replying to.
tip!
Cheers Bilbo!
Have a great day.
@tipU - send tips by writing tip! in the comment and get share in service profit :)
Check out @promoted - the good guy voting bot.
That's because Bilbo is a BOSS.