The death of Bitcoin has been greatly exaggerated

It's been a rough ride for recent comers to Bitcoin as the price stumbled circa 30% while many alt-coins, notably Ripple (of the larger ones) exploded in the latter half of December.

As per my previous posts I remained positive during the sell-off and in fact added some BTC to my holding.

My thesis essentially was:

• This was a healthy correction after a parabolic move higher
• The crypto space as a whole was still expanding in terms of market cap: a positive for BTC when sentiment eventually changes
• Pessimism was extreme: BTC is dead, washed up, unusable, Napster etc. Whenever you see that sort of rhetoric you should stop and think. Meanwhile, the media and institutions haven't turned on other cryptos with such ferocity (and you could bash any crypto if you really wanted to: ponzi scheme, backed by nothing blah blah). I've spent a lot of time in markets (mainly shares) and this kind of extreme sentiment is a valuable indicator.

Chart:

As the Chart shows we made a rounded bottom as weak hands were flushed out. Currently we're testing the resistance at US$17k and I'm sticking to my call of all-time highs later in January for Bitcoin.

Elsewhere in the alt-space, Ripple looks to be taking a breather after an incredible run higher, Ethereum has enjoyed a solid period while Litecoin's correction (like Bitcoins) looks to be turning. '

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Until next time,

The Enigma.