Huge Bitcoin Recovery Coming Very Soon?
If you are into cryptocurrency, the first quarter of 2018 has been kind of a downer. At the end of December, the total market capitalization of cryptocurrency was worth a over $820 billion. However, by February 6th, this had dropped all the way down to $279 billion.
It doesn't take a genius to see that the cryptocurrency market has been a bear one. To add insult to injury, the mainstream media has been churning out so much FUD that the entire community is feeling uncertain. The dumb money is leaving the market and speculators are on the sidelines waiting for the perfect time to buy in. There is always a further depth to sink to, after all. Even so, more and more people are becoming bearish about cryptocurrencies and even crypto bulls, particularly the ones that were late to the party, are wondering if we’re witnessing the death of crypto.
But the truth is we are just at the beginning.
Bitcoin is going to make a HUGE comeback and reach new all time highs before we even know it.
How can I make such a bold statement?
Lets take a look at some Bitcoin charts:
As you can see things are looking really bad. We can clearly follow the Bitcoin price as it experiences a huge run up before completely crashing down to dismal levels. It looks really bad on paper, and I really do feel for those poor investors who bought high.
But this chart isn't from the recent Bitcoin crash in 2018. In fact, if you look again, you can see that this Bitcoin crash happened back in 2011. This happened after Bitcoin price went from $0.06 allll the way up to $30 before crashing down to $2. And during this time, the media was screaming "I told you the bubble was going to pop!" More and more people instantly became bearish about Bitcoin. Even crypto bulls, particularly the ones that were late to the party, were wondering if they were witnessing the early death of crypto.
After all it was just digital money with no real value right?
And of course the MSM was right there to spread the FUD. For example, this 2011 article from the economist published this article titled "The Bursting of the Bitcoin Bubble". The article was meant to rub it in the faces of Bitcoin supporters and make them feel stupid for believing in an alternative to the current corrupt financial system.
But we all know what happened to Bitcoin after this!
Bitcoin recovered. And not only did it recover, but it reached a new all time high! In 2013, bitcoin blast past its previous all time high of $30 and went all the way up to $200! Turns out that the media was wrong about the bubble popping. Bitcoin wasn't dead. On the contrary, it was just a small road block; an obstacle in the road. But the media didn't learn their lesson. They continued to scream "IT'S A BUBBLE, IT'S A BUBBLE!" That is until bitcoin crashed again. It went from over $200 all the way down to $65.
And all the people who were calling it a bubble were now saying "I told you so".
More and more people instantly became bearish about Bitcoin. Even crypto bulls, particularly the ones that were late to the party, were wondering if they were witnessing the early death of crypto.
After all it, nobody takes Bitcoin seriously, right?
And of course the MSM was right there to spread the FUD. For example, this 2013 article from CNN (the only source of absolute truth) published this article titled "The Bitcoin Bubble May Have Burst". Just like the 2011 FUD, articles like this one were there to cause people to doubt Bitcoin and sell at a low.
The pattern continued to repeat itself!
After this fiasco, Bitcoin recovered once again. And not only did it recover, but it reached a new all time high! In 2015, bitcoin blast past its previous all time high of $215 and went all the way up to $1,100! And once again, the media proved itself wrong about Bitcoin! The bubble hadn't popped. Bitcoin wasn't dead. On the contrary, it was just another a small road block; an obstacle in the road. Nevertheless, the media didn't learn their lesson. They continued to scream "IT'S A BUBBLE, IT'S A BUBBLE!" That is until bitcoin crashed again. It went from over $1,100 all the way down to $200.
You get the point! I will stop with these examples.
So in the midst of all this FUD and uneasiness in the crypto space, we can look back at history and see that Bitcoin has a habit of overcoming even the most dire situations that come its way.
Stay Calm and HODL
We can look back at Bitcoin's history and learn a valuable lesson from all these crashes. Stay calm and HODL your bitcoin. Do not sell your bitcoin at a low no matter what the FUD spreaders are saying. If you can, buy Bitcoin at a low because history tells us that it is only a matter of time until we reach a new all time high. Take a look one more time at the bitcoin crash chart from 2011:
It looks far worse than our current 2018 bitcoin situation:
We have lived through numerous Bitcoin crashes. If you were in Bitcoin back in 2011, 2013 or 2015 and you had panic sold your BTC, when it was at a low, you missed out on an opportunity of a lifetime. Let's say that you had 20 bitcoins back in 2015 when bitcoin was at $1,000. You had $20,000 worth of BTC. If you had sold on the way down you may have gotten out with 10k or less. However, if you had held and stuck it out through the storm, your 20 bitcoins would have been worth nearly $400,000 just three years later when Bitcoin reached 20k.
Bitcoin isn't going anywhere. This technology is here to stay and Bitcoin has a bright future ahead of it. As more and more people realize its potential, the demand will increase and because there is a fixed supply, the value will continue to increase exponentially.
So in closing I just want to say: Keep Calm and HODL On! This technology is here to stay and just wait - I really do think we will see a new all time high this year! What do you think? Let me know below, and if you enjoyed this read/video, please upvote :)
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@jaysoncrypto i believe bitcoin will be double this year again
I'm not sure about bitcoin, but hopefully the altcoins can break free from moving along with bitcoin.
Altcoins listed on exchanges are tied to BTC, There's no way around it. There's no breaking free. Without BTC the market doesn't exist. But there are plenty of off-exchange coins that moving along without BTC. It's an interesting time if you know where to look for interesting projects.
Nothing is tied to BTC, if BTC drops the rest will eat market dominance, and go upp like any commodities on any market, if the market does not move.
If the whole market goes down, everything goes down, unless they outperform the market.
If the whole market goes up, BTC can still lose dominance and fall against ALL other cryptos, which has happened... In feb 2017, bitcoin moved sideways and lost 50% of its market, guess how? Other cryptos went up and took the market shares! Do not make it more complicated then it is.
Anyway, remove BTC and nothing changes, we can still buy and sell eth/neo/usdt/bnb etc via other pairs, and the other pairs wont be affected in its value due to this.
ETH is equally worth 400 dollar with our without going via BTC, which no one does any longer.
There are many on excahnge coins as well, moving just fine IT is called gaining market shares, outperforming the market, taking market shares by having a better product.
This is standard market movements and nothing special, BTC is of no relevance!
Peace
I have to disagree with just about every point you made but we all view things differently. Nothing I said makes things more complicated than it is. BTC's market dominance is like 45%. But anyway, All that matters is today, not last year. I just can't see alt coins eating market dominance to take over BTC. If you "remove" BTC form the marketplace, people lose faith and things will crumble. There's only one crypto that could be considered a capital reserve and this is BTC. Additionally, BTC brings in media and this is powerful marketing. This is just my opinion. You have yours and I respect that. Thanks for the comment.
It was higher on a higher marketcap, so btc lost a lot vs the competition already, 50% or so.
Then we are back at psychology, not market fundamentals, which is another thing.
Again psychology, not market fundamentals, I only spoke about the market mechanisms, which has nothing to do with btc, it is like saying GOOGLE stock = the tech sector...Exactly the same thing , which is false, it just traces the sector pretty well, and is the biggest actor. If google falls the tech sector most likely falls, due to the market. But on bad news concerning google or btc rather alone, would make it fall by it self even against an possibly growing/ increasing sector/market.
But you are right in what you say, psychology drives the market at the moment, while the institutional investors are waiting, but once bigger cash arrives, psychology matters less, lets hope for some new companies in the sector :)
Psychology might complicate things, since the aspects are hard to quantify compared to market fundamentals. I think we should use both our perspectives to judge the market fairly :)
Peace & thanks for responding honestly :)
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interesting very interesting
I am definitely not going to miss this boat this time. Started learning about crypto in later half of 2017 and have not stopped since. Bitcoin and crypto in general is always on my mind ;) May bitcoin rise to all time highs soon! Thanks.
always interesting to see
Good post ! I agree with you .. Spreading FUD has always happened to Bitcoin. I do believe that over time the FUD will start to be dispelled as people become more informed about it and eventually it won't matter that much anymore, as uninformed weak hand will be outweighed by informed strong hands.
What's FUD stand for?
Fear Ucertainty Doubt
Even Mt.Goxx is arguing that are all fake news, there are some proves out there showing how the BTC price drops every time they made big sells of BTC into FIAT money, not one, not two, but five times from December 2017 to February 2018, much coincidence right? I don't even know what to believe about to price dropping, Mt.Goxx sure had something to do, added to the panic of some investors and the bans for advertising, and some exchanges in certain countries, we could say its the hardest moment for BTC and crypto to fight against, but I think it has no turning back, and its just a matter of time to adapt this technology worlwide, and we will se BTC rise and useful such as FIAT money, but what I;d really love to see, hope it happens is the FIAT money crash, I want to see how it disappears, with the central banking corruption and all that it entails, thats gonna be sweet, hopefully.
It will definitely be a huge change of paradigm shift. Most people won't survive that crash when it comes. People are so dependent on the system and have absolutely no idea how to live independently. People don't have crypto, they don't have silver or gold. They don't know how to grow their own food or build shelter.
Hey @jaysoncrypto, great info on Bitcoin! Thanks for sharing. The markets are fun right now and it's great to have the updates from good content here on Steemit. Cheers!
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@tipU! upvotes with with 2.5 x profit + daily 100% payouts to investors :)Great post. I think it will be a good year for bitcoin.