How Will This Bitcoin Surge End? ......Or Will It?
When will this Bitcoin surge take a hard pull back or will it. Does it just keep going up until Bitcoin takes over the world and no one trust fiat money anymore? In this video I show a lot of the main fundamental points from the 2013/2014 bubble and relate those to today and show what is different. The actual forks of Bitcoin are a huge difference and the fiat on ramps directly to Ethereum and Litecoin on Coinbase is another huge deal that is different than the 2013/2014 boom.
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If there is any truth to the Tether fraud accusations spreading on Twitter, Reddit and Youtube, we may be looking at an imminent crash. I would advise everyone to wait for the Tether/Bitfinex situation to be cleared up before going into BTC again.
That is actually a good fundamental point to bring up. We are already seeing the positive results here on Steemit with the Steem Backed Dollar Surging which is great for us bloggers so we can earn more by selling the Steem Dollar.
But I do like the STEEM Dollar hovering around $1 so we can retreat to safety if we feel a huge pull back is imminent.
Maybe crypto traders can one day start using the SBD instead of Tether to store their fiat gains and do quick arbitrage.
I think a lot of people already have started migrating over. I mean when the Tether hacked happened suddenly SBD jumped from $1 clear up to $2 which was nuts.
I like having the SBD as a safe haven. I never trusted Tether from day 1.
Hmm....I didn't notice that correlation. Good catch. That pump in the SBD really came out of nowhere. I don't think I've ever seen SBD trading so high for so long.
I am either side and seeing this as opportunity as on every 20% fall I will bag some good coins.
Let's see what will happen with my 1 million USD.
Nice! Whales status!
I lived through the 2013/2014 bubble pop and I still have that in the back of my mind that this will happen again at some point. But who knows...
I was thinking the same thing ... but the infrastructure and lessons were learned in that bubble pop. The crazy increase though will definitely have to have a correction since people who bought in mid-2017 will now most likely take profit so will need to clear out those who have held at lower levels to keep a healthy stable support to move steadily above the 10k mark.
Why would they take profit at the end of the year? you would have to declare it on this years taxes instead of next years and also it would be a short term investment which would be taxed at the highest level. If held for a year it is considered long termed and taxed at a much lower rate. I say we have 6 more months about of just flat out growth with very minor pull backs along the way.
Taking profit could also mean selling BTC into other alternative coins. And still, some people will take profit into fiat ... but like you said which I agree, I wouldn't bother taking the profit into fiat as one would have to declare on taxes (which to be quite honest ... I bet MANY people aren't doing ... if speaking to IRS standards, their manual and instructions on declaring it is not clear enough).
We could all retreat to the STEEM Backed Dollar but with the Tether hack suddenly SBD is going for $1.60+ ahhahahahhahahaha
Haha right? It was crazy when SBD spiked all the way up to 3+ dollars in 30 minute timeframe last week ... but in any case, go Steem :)
Yeah...... me too. 2015 was brutal. for sure too.
I can definitely see bitcoin drop a thousand and jump to 11k.
Nice post.
Its so hard to predict though.
yeah it is pretty unpredictable for sure! The thing that I have realized overtime about the bubbles bursting is that people can envision smaller pull backs but when the thing goes into free fall it emotionally damages them because their time erodes away right in front of their eyes and the confidence is hard to rebuild. This could very well go to $20,000 or it could hit $10,000 and we could have a harsh pull back and then it surges back hard like we have seen earlier this year....... there is really no telling unless news of some new fork comes out or something like that which people buy into it again.
Agree, there's been 1,500 to 2,000 pullback that happened three times in July, September, and November, but all three rallied back.
The only thing that worries me about those is the first two were a lot in part because of the announcement of free coins with Bitcoin Cash, Bitcoin Gold ....etc. After SegWit 2X didn't get implemented that was an impressive return after Bitcoin Cash surged and then pulled back .......... There is a lot of people who have crazy FOMO right now for sure though! I'm even getting FOMO with EOS. I didn't buy enough yet!
Yea man .. I feel stupid to have sold my EOS at 1.25 when I had bought them at .55 was taking my profit, but didn't think that EOS would get to where its at now around 3.00!!
I know the feeling. I started buying at around $2 and kept buying every week and then it started picking up again and was at $1.15 for my last buy but then it surged and it is great that I'm still in it and it is up but I'm afraid it will run away from us. The testnet is coming out soon and they are ahead of schedule on development. I kind of feel like we aren't going to be seeing those $0.50 bottoms anymore.
Yup I agree. I can only see a correction around 2.50 or at no less than 2.00 ... that being said, I'm out of funds to buy otherwise, I'd be on EOS lol
yeah I agree. I hope it does come down some but I might just bite the bullet and keep buying in at $3.00. I just don't want to see it jump to $10 or $15 or something on me. There are so many projects to buy into!
I think we could see a pullback but it will be next year. The adoption rates and infrastructure are so much better than 2013/14 I have a hard time seeing it drop lower than like $6k before heading up again.
Yeah I tend to be in the same camp as you are right now with it. There are so many new Coinbase accounts and people are bit thirsty out there trying to get everything they can!
Ohhhh when you come to this crypto world there is so many things to learn about it. Eheheh it is a never ending process 😂😂 but in my opinion when it comes to the markets in the end we will never know what will happen.
#steemyawards
yeah crypto is unpredictable in a lot of ways and right now it is so full of surprises. Literally the other day I found out 1 day before the Bitcoin Diamond fork that we were going to have more coins! It is like YAY!!!! LOL
Then a couple of weeks ago the whole situation with Bitcoin CASH surging into #2 on CoinMarketCap. That was unreal
See you are speaking a completely foreign language for me. Lolol that "FORK" thing I still need to learn what it is. Lol but yeah. Today checked the maket and bitcoin was 9.7K that is crazyyyyyyyyyy
It is a tough thing for everyone in Crypto because those of us that have been in for years really know the lingo and it is like we are speaking Klingon to people who are newer in the space.
But yeah the price action has been parabolic. It is literally insane!
I tried to get into it maybe 4 years ago... and it was too overwhelming... stupid me... if I had invested in bitcoin 4 years ago when I was dabbing in a little bit I would be in a better situation now... but we are always learning right eheheh :d
Yeah it is never a good feeling. It is like I say in the video. Everyone has FOMO (Fear of Missing Out) unless you are holding like $100 Million worth of crypto right now. Everyone else wishes they would have put more money in....etc.
It is a tough thing for everyone in Crypto because those of us that have been in for years really know the lingo and it is like we are speaking Klingon to people who are newer in the space.
Get your ass back in that pool dammit! Its not that cold out.
Hahhah, The weird thing is, I feel like this format is less personal and the videos have tended to be longer but I'm getting way better engagement and traffic on these.
Personally I don't feel like this format is 100% ideal but people really liked my Electroneum one.
At this moment, BTC's price is on an upsurge and a minor correction may kick in shortly. If you are a long term investor, there is no need to sweat over its temporal volatility.
Yup I'm HODLing a bit longer with BTC
Yeah I agree. I feel like any pull back will probably be swift unless the SEC comes out and says they are arresting a bunch of ICO scammers and making ICOs illegal.
Well done. Thanks for sharing your thoughts!
Your welcome!
Even though I predict a pop coming, I still am hesitant to actually exchange my coins for fiat. I have only been in the crypto space for a year (back when BTC was about $600) and so I've made some decent gains. The pop will happen eventually but when I happens, I'm probably gonna be pissed at myself for not cashing out earlier.
People are hungry now. I think BTC has gonne quite mainstream and that is when you get a whole bunch of people looking to make profits and not give a damn about the technology. It happens every time with anything. Real estate, tech, stocks and now cryptocurrencies.
See y'all at the bottom.
Hahah, Yeah it is a weird thing because almost knowing too much about bubbles and the technology has almost made a bunch of us miss out by not buying more. But then now that it is up here, we are afraid that since crypto has went triple retard mode that it might got to $20,000, or $50,000 or $100,000 / coin just from everyone piling in.
I saw an article that showed that only the Tulip Mania bubble in the 1600's has out performed Bitcoin's runup. That is insane. And it could go a lot higher!
Man...It's almost at $11k. It seems like the time to takes to increase $1000 dollar halves each time.
It is absolutely unreal. FOMO has kicked in harder than ever. What do you think the people buying would think if they knew that to transfer $20 you will have to pay a $7 transaction fee because the Bitcoin network is so crippled?
Hahhahahhaha, I don't even know who the joke is on. All I know is we are holding it and so I guess the joke is on Jamie Diamon ..... LOL