This Bear is Relentless, Is there a break coming soon?
I'm actually starting to get annoyed...
Nowadays in the cryptocurrency market, it's as if good news does nothing positive for the price, and negative news send people spiraling. With rumors that a market as manipulated as crypto - the bears and whales, have decided to accumulate for as cheap as possible. Nearing a triple bottom of around $5,800 we must wonder, where the hell is the bottom on this thing?
I wish I knew, I don't - but I will say, I have a feeling things should turn soon. After news that the ETF was delayed again, we started downward again. But with so many products, mainnets, new listings, and accessibility - one would think we deserve a break from the 8 month bear reign.
What do you think? Will we see $5K or $10K Bitcoin first? Lemme know in the comments, I'm trying to get back into blogging, and I wanted to hear from you.
Cheers,
Hello!!! Well, the bottom, my friend, is constantly around the price of the cost of the production i.e mining of the BTC. It cannot be lower than the cost price or else the bitcoin will stop to be produced (mined) thus its price will probably increase exponentially due to its rarity... So about the bottom just don't worry because even if it reaches it then it will go straight up like a balloon full of Helium! About the price of nowadays, the manipulations etc, don't worry again, big whales don't have in mind to lose their money by selling massively and continuously! Instead, they have always in mind how to make more money by using small owners and investors in BTC i.e playing with fomo and fud that they know very well how to spread it! nowadays its the best moment to buy and accumulate cryptos waiting the natural uptrend coming always after long or short bearish periods! Nice article and questions! I upvoted and follow you, have a nice day!!!
Hello friend! That sounds pretty optimistic to me :) I'm not too worried, as long as we stay about $5K. Do you know what the current cost to produce is? And I think CBOE has an effect too, I don't think we can go below 100B MCAP or futures are shut down. And thanks! followed back!
Hello, my friend! Well the current cost to produce one BTC is around 4000-5000 usd, this is an average estimation and can vary... anyway next week it is very possible the BTC takes an uptrend for a few days and reaches the 7000 usd again. This is what always happens so if you can buy now little portions then you 'll get a good profit as soon as it goes up, but remember it never stays up for a long time, this is the rule of the BTC. Also i believe that the max price for 2018 will be around 10000 usd which is not the most probable. In my opinion it will stay between 8500 and 5500 until the end of the year no matter what the ETF does or any other good or bad event... Soon I 'll post an article about all these possibilities, facts and realities and I 'll let you know. Thanks for your upvote and for following me too! keep in contact and have a nice day!!!
Great article, @mikev!