BUY CRYPTO - Bull Market Resuming!
This chart shows the value of the entire cryptocurrency market over the past 6 years.
Looks to me like we're about done this secondary bear market, which would mean consolidating under the 14k level (next few weeks), then breaking through for the move to 20k. When that breaks, possibly at Christmas (always a key point for crypto prices), I think we'll see a frantic bull run for several months, reaching close to $100,000 for Bitcoin sometime in 2020.
This is all playing out exactly as anticipated since mid-2018.
There's Bitcoin in USD over the past 4 years. I've marked the corresponding point during the previous bull run.
I think there could be a slight correction in the next couple weeks, which might be the last opportunity to buy in the 4-digits. Either way, I'm bullish on the rest of the year, and VERY bullish for 2020. Right now might be a really good buy-in point for people looking to hold cryptos for a few years.
This is not relationship or investment advice.
DRutter
Sentiment seems to have cooled off a bit since the resumption of the bull market. When Bitcoin was 3200, everybody thought it was going to 2000 or less. The correct call was up, because 3200 was the bottom (in hindsight). Now we're up to 10k, but have cooled a little from 14k recently. People have stopped hyping. The price isn't returning to lower levels, but consolidating mostly sideways. This is a classic Bitcoin pattern. When it tests those old levels (14k) and breaks through, watch out, 20k won't be far behind. And if that breaks, who knows where the buy frenzy could take things? It's all uncharted territory from there.
None taken...because we can't find any, haha!
"This is not relationship or investment advice"
😂🤣😂🤣
Onky time will tell.... Let's see what happens
Yeah, we were going to say... this is pretty dry and weird, for relationship advice of any sort!
As for cryptos we will believe it when we see it. Been burned hard for a while, especially on Steem, ouch!!
What do you think of the narrative pushed by Max Kaiser and other "Bitcoin Maximalists" that altcoins are never coming back? In other words, the Bitcoin bull market is resuming but all altcoins (including Steem) will be left behind this time.
All other cryptocurrencies are going toward zero? "Bitcoin Maximalism"?
From what I know of it, I think it's ridiculous. Bitcoin has obvious cycles (which I've documented/predicted since the beginning). For a while, it was just Bitcoin on the scene, but then there was Ethereum and a few others (early 2014), and soon there were hundreds... now thousands! Some are garbage, but some are just as good or better than Bitcoin. Cryptos aren't one size fits all... many types and variations will be in demand. They don't have the same brand name recognition, so Bitcoin may always be like gold, in that way. But many cryptos will be needed, for a great many things, so the idea that Bitcoin could become the only crypto with value is silly.
The reason most people fall for this 'theory' is that they haven't been around long enough to see the cycles. From their perspective, the other cryptos have essentially only had a single bull market - that of 2017. They see a chart and to them it looks like a fad that didn't pan out, a tulip bulb mania. But they see Bitcoin skyrocketing, so they make the assumption that somehow Bitcoin is going to the moon and every other crypto is doomed. They see the "Bitcoin Dominance" above 70% now, and think it's going to keep going up. They lack experience, for the most part, or they'd know better. They're on a trend, sure, but they can't see the larger cycle.
Here, check out this chart of all non-Bitcoin cryptos added together, over the past 6 years:
Prices look pretty stabilized to me, and probably about to turn upward. But regardless, even if they fall, we're NOWHERE NEAR the levels seen back in 2016. Those have been left behind forever. At some point the correction will be over. Bitcoin always leads, in bull markets, because people pile into it as the easiest currency to buy. USDollars and other major fiat currencies find their way into Bitcoin, first. So it's Bitcoin that rises at the start of a bullmarket, which is where we are right now - the start. The current bull should run through 2020, according to my calculations last year (which have been perfect so far). There's a LONG time for the so-called 'altcoins' to catch up. Like silver does, in a monetary move, after gold's big moves. Soon, money will be flowing from bit fiat currency and Bitcoin, into the other valuable and functioning cryptos, and this theory will be forgotten.
I think the altcoins are at their cheapest level they'll likely ever be, right now. Sure, many will fade away, and others will show up, but the overall market is probably close to a low. When Bitcoin starts to rise again, toward that 20k previous top and beyond, we'll see the valuable (useful) cryptos skyrocket.
The collapse of the altcoins will continue, until it doesn't, and then watch out!
Thanks for the lengthy response. I agree with most of what you've said. The thing is that some of the Bitcoin Maximalists like Max Kaiser have been around long enough to see the bigger picture and previous cycles. So maybe they are throwing shade on altcoins for ulterior motives. I dunno.
That's what I was thinking, yeah. I haven't been watching Max lately, but used to enjoy him. I think he can be a little... pumpndumpy. IMO he's clever about how he presents it, and entertaining, but I don't tend to follow his advice.
Bitcoin maximalism is completely contrary to the entire idea of decentralization. Most projects missed out on Bitcoin's bull run, so how everyone with lots of stake in Bitcoin make the claim that all other projects are dead? Please.
No one should make such claims until at least another year has passed, but it's easy to see why they would do it... they are shilling their own stake, quite predictably.