Bitcoin can't possibly reach news highs this year, can it?
There is no chance bitcoin can reach new all time highs, is there?
That seems to be the narrative being thrown out by several people as of late.
Things along the lines of:
"Bitcoin doesn't have enough time to reach a new all time high."
OR
"Bitcoin is running out of time this year to make new highs."
That may be true in normal markets with normal assets, but bitcoin is not a normal market and it is not a normal asset.
Think about this for one second...
Last year, bitcoin was trading for $6,500 on November 13, and then it hit $19,500 on December 17th.
That means in roughly 34 days bitcoin rallied some 200%, or roughly 3X.
Yes, last year may have not been a normal rally as many are attributing much of that rally to price manipulation by whales and possibly even Wall Street.
However, that should give you an idea what is possible.
Today's prices...
As we sit here today, we have roughly 126 days left for bitcoin to make a new high and while that may not sound like much, keep in mind that it only need 34 days to go from a similar price as we are today all the way up near $20k.
Another thing to keep in mind is that traditionally bitcoin experiences the vast majority of its gains every year since 2013 in just 10 trading days.
Meaning that if you owned bitcoin on just those 10 days each year, it averages going up like 300%-500% on those days alone.
Now that is some serious price appreciation in a short amount of time!
It may or may not happen.
Keep in mind that I am not saying I expect new highs to hit this year, but I am saying that it is still certainly possible.
In fact think we are more likely to see price action similar to what is seen on the chart above, personally.
However, a catalyst like a bitcoin ETF being approved is likely all it would take to launch bitcoin to new highs by the end of this year.
Also, seasonally, the end of the year has been a very good time to own bitcoin.
Stay informed my friends.
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BTC is a pump-n-dump scheme, so the only thing that can move it up will be some kind of news.
Pump-n-dump scheme? What do you mean by that exactly?
Obviously this is my opinion and obviously it will not be shared by most people on this platform, but....
...if 99% of all alt-coins are considered sh*tcoins, what makes the other 1% different? "Mass Adoption"? Maybe. But the mob mentality is a fickle beast and can easily be swayed..
Back in the day, when there were only 3 coins, BTC, LTC, and DOGE, DOGE was considered a joke and LTC was considered the sh*tcoin. The only thing that set BTC apart was that it was first.
To this day, there is nothing backing it. Not precious metals, not diamonds, furs, agricultural products, nope, nothing of value. At least fiat currency has the backing of the government (for what that's worth).
So in a nutshell, it has nothing backing it except mass/mob adoption.
Very true. Keep in mind that could also be said of gold though. Yes gold has some industrial use, but if it was priced strictly for its industrial and jewelry uses, it would be priced far lower than $1200. Things have value because people believe they do, bitcoin being no different. I would venture to say a lot of the money in bitcoin is not in it because it believes bitcoin will some day be the defacto currency of the world. No, I think most of the money in it see bitcoin as a store of value. One where the supply is fixed and known with no ability by governments to intervene. There are not many potential store of values that share those same characteristics out there.
Bitcoin can surely get to new highs with the right ingredients. However, while an ETF approval could be a catalyst, overall adoption or technology that could assist it like Lightning Network deployment would be best for a sustainable increase in prices. Prices could easily increase if you think about the amount of traders actually betting against it right now; it could lead to a massive short squeeze that forces traders to buy and cover positions.
Yes it could. I think there is roughly $260 million worth of bitcoin short on Bitmex. Though it looks like there aren't many short using futures products anymore, just read something that said those numbers were lowest on record currently.
very nice comparison and this should give people again some trust that everything is possible in crypto
It can go up again....
There are a lot of piece falling into place for the crypto space now, especially on the institutional side, but the Tether situation is still hanging over the market. Tether has double the daily volume of ETH, which is absolutely crazy:
How the US has allowed Tether to continue to exist for so long is not only baffling, but very worrying. Either they don't care, which I find very unlikely, or they have been thoroughly preparing to take them down all this time.
Or they can't prove that they are doing anything wrong, which I actually think the fact that they are still operating likely means that many of the boogie man tether stories are likely fictitious. People use Tether as a fiat proxy where there aren't easily accessible fiat on/off ramps.
At worst it sounds like there may be some fractional banking going on with tether, but the tethers seemed to backed by real dollars eventually either way.
If they weren't doing anything wrong, why was Phil Potter claiming that Bitfinex and Tether are completely separate entities, not related to one another? We only found out the linkage after the Paradise Papers were released. That's pretty much when the "FUD" started.
Btw, Potter resigned from his post @ Bitfinex in June.
Perhaps using a legal or technical definition they are separate entities would be my guess. I am not saying they haven't done anything or aren't, but I am saying that at this point if it was as bad as some seem to think it would have come out for sure by now. They would have hoodwinked a lot of people into buying their tethers, people with a lot of money.
I feel sorry for guys that hold tether,they will learn very hard lesson in future.
The fall of Tether would be catastrophic not only for trading but for the market cap overall. I was really scared back then when the first fud rose up.
I hope we have some time if you're right.
Irrespective of the bitcoin/crypto price , what I was trying to figure out is how many active projects and investments are happening in crypto space .if anyone has such information pls share. I think it will give an idea of where we will be with respect to price in few years
Hahaha
Ha i love that show!
So funny.
It is up 15% in the last 2 weeks from the lows, that's not nothing.
Yep!
Just keep hodling, firm enough!
LOL
I'm seeing a lot of people that said Bitcoin would reach $50,000 or higher this year retract those statements. Now it's seeming like even $10,000 would be a pretty good goal to reach for what with a fair number of people still calling for 2 and $3,000.
If we hit 20,000 I will be really happy. Especially if the altcoins follow suit. I hope and wonder if some of the alt coins that have gone to Absolute crap will try to recover some value.
That may be exactly what we need to see. Once everyone stops being so bullish and starts getting bearish, that is likely precisely when the market starts going up. If everyone is on the same side of trade, there is no one left to push it in that direction. :)
At that time there was no bitmex what to do with bitmex(which make a lot of resistance) because of it btc cant go high this year i am pretty much sure it will only touch $11000 but there will be no bull run this time possible if bitmex declare announcement of maintenance...what you think about this?
I think we gona stay a little longer into consolidation, before we make a new high.
Look @ previous Bubble
