Bitcoin to make 2 new highs and then retrace to the $1k level?
At least if Bitcoin were to follow a similar pattern to what we saw with Amazon and the dotcom bubble in the late 90's and early 2000's.
Bloomberg came out with a chart where they overlayed the chart of bitcoin over the chart of Amazon during the tech bubble.
The claim is that the current mania we are experiencing is very similar to what happened back in the late 90's with the internet and internet stocks.
The chart being referenced can be seen here:
(Source: https://twitter.com/business/status/963554149366460417)
Their worst case scenario not all that bad?
While that may sound like terrible news, that also means they are calling for bitcoin to not only break $20k, but after the initial break, they are calling for a pullback and then ultimately a higher high from there.
Which would mean that $25k bitcoin this year would very much be on the table.
Which just so happens to be the same number that Tom Lee has been calling for this year.
It would be interesting if both could turn out to be correct.
Overall, their call doesn't sound all that outlandish to me.
Yes blockchain technology is revolutionary and yes it is here to stay, but that doesn't mean bitcoin is.
That is part of the problem with this entire space, picking the right winners takes a little bit of skill and a whole lot of luck.
Researchers from Microsoft declared that the eventual winners in the blockchain space will likely be the ones that effectively integrate off-chain solutions, similar to what bitcoin has been trying to do with the lightning network.
Their conclusion was that in order to scale to the kinds of numbers and transactions that would make them able to compete with today's standards, it would have to be done via off chain solutions.
A lot left to be decided?
Which, if that is the case, the blockchains that we see right now in their current forms are a long ways off from what is going to be needed to effectively replace current business practices.
Which means, bitcoin could eventually be worth $25k+ or $1k, or possibly both within a few months of each other. :)
Happy trading/investing.
Stay informed my friends.
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I like the $25,000 scenario way better than the $1,000. Steem on!
what anyone needs to ask himself is just a very simple question though. How much cash you would be tunneling into Bitcoin if Bitcoin was to get at 1000 dollars now. That will give you a rough estimation of its possible floor price.
I would personally buy all my fiat into it in that case scenario, but there would be a problem and it comes down to Bitcoins core principle its scarcity wouldn't allow me to accomulate that much never again and deep inside you all know this already. It is a competition for all crypto traders since the least amount of bitcoins you will ever need to be in the crypto game is 1 and that's it.
I don't see bitcoin retracing back to that for like ever.
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I think BTC can go as low as 5k ..but def. not 1k. The dot-com bubble and Bitcoin are similar in the sense of "bubbles" ... but dot-com bubble burst after four trillion dollars of total market cap ... the cryptos haven't even hit near 1 trillion yet.
No chance for 1.000$. With that price all crypto market would collapse...
Truth is, nobody knows.
for sure all the big players which dominate the capitalisation exactly knows
When you want to Flag them but see their Steem power lol
Interesting. I havent seen this graph before. If this were the case and btc made $25k this year, followed by $1k a lot of people would lose their shirts. One of the biggest issues at present is that bitcoin moves all other cryptos. It goes up and so do the vast majority of Alts. If this continues and btc goes to $1k then many Alts will be worth pennies. This would help clear out the rubbish but would be painful to watch.
Bitcoin is evil and worthless. I hate it! Regards Charles Mongo.
Seriously?
I think evil is holding this earth. 99.9999999999999% people are addicted to evil and all say evil kingdom is good.
Addicted to evil...?
Must be terrible to think that 99,99999999% of all people are evil. Only you who's not evil?
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I don't think BTC will crash to $1k again ever.
Disclaimer: This is not financial advice
Personally, I think it has gine through the roughest parts of the sea for a couple of months. Maybe even 6months (Unless lf course one of these Asian countries decide to create another serious FUD around blockchains and Cryptocurrencies)
$1k is a very very bold prediction. Bitcoin will always be used as a store of value. Always.
Hmm I agree! In long term Bitcoin won't hold current value. If you compare it to nearly every other Cryptocurrency out there it really lacks in transfer costs and confirmation speed. I really do not see Bitcoin on top of the list (market capitalization wise) at the end of 2018. Especially for services needing micro-transactions other blockchain technologies will take Bitcoin from its throne.
Although I do not see it retracing as low as $1K USD. It is and will always be the first thing popping in someones mind when talking about Cryptocurrencies or the Blockchain technology.
Yes I agree, but what about if the lightning network is implemented and then bitcoin is able to do what every other crypto can do, only faster and cheaper?
The lightning network sounds great but won’t solve all problems. My understanding is that it’s effectively a point to point ledger that tracks transactions between 2 (or more) participants and only settles on the btc chain when they request it. This is great for transactions between 2 or more participants who regularly trade between them but is useless for one off transactions. I have t seen anything that shows how many transactions this will take off the chain.
Hasn't the lightning network been implemented already with a lot of nodes already launched?
That of course would change everything. But then, in this scenario, the graph above would look very different, in my opinion!
Haha yes, that very well could be the case.
Bitcoin will always have relevance in the crypto space and as long as the overall marketcap goes up, bitcoin will go up with it. But this is the year of the alt coins though
Here Here!