Why Bitcoin is King - Countering the Fud.
Firstly I am bullish on Bitcoin, even in the downtrend. I believe it to have been just another normal correction, albeit a sizeable one. Nothing out of character for Bitcoin. Bitcoin and Cryptocurrency is definitely a unique phenomenon. It is both a product and price bubble. Some products (coins) may not survive, others will. During my tech and startup background I have had many problems with products scaling and also with products that did not scale. The products that ran smoothly and had no scaling problems or bottlenecks (technically or from business), were the ones that failed. The ones where I had to deal with many users, server overloads even legal issues were the ones that grew and were the successful stars. Scaling problems show demand and are ultimately fixed. I see the whole of crypto and bitcoin in a similar way. Bitcoin will have it's ups and downs, more to come, I am sure. But, the many teams working on bitcoin will overcome the problems that come along the way.
Analysis & Chart
Bitcoin is nearing a major event in its recent downtrend. The exit from the triangle will have a few scenarios:
1. Price pushed upwards and on to its recovery and bullish trend (if it can plough through $16.5k).
2. BTC falls and bounces off previous support lines where buyers pile in.
There are a lot of players who are waiting on sidelines for a cheap entry to BTC before it sets new price records, but I do not expect the price to go below 11k for long.
Firstly I am bullish on Bitcoin, even in the downtrend. I believe it to have been just another normal correction, albeit a sizeable one. Nothing out of character for Bitcoin. Bitcoin and Cryptocurrency is definitely a unique phenomenon. It is both a product and price bubble. Some products (coins) may not survive, others will. During my tech and startup background I have had many problems with products scaling and also with products that did not scale. The products that ran smoothly and had no scaling problems or bottlenecks (technically or from business), were the ones that failed. The ones where I had to deal with many users, server overloads even legal issues were the ones that grew and were the successful stars. Scaling problems show demand and are ultimately fixed. I see the whole of crypto and bitcoin in a similar way. Bitcoin will have it's ups and downs, more to come, I am sure. But, the many teams working on bitcoin will overcome the problems that come along the way.
Analysis & Chart
Bitcoin is nearing a major event in its recent downtrend. The exit from the triangle will have a few scenarios:
1. Price pushed upwards and on to its recovery and bullish trend (if it can plough through $16.5k).
2. BTC falls and bounces off previous support lines where buyers pile in.
There are a lot of players who are waiting on sidelines for a cheap entry to BTC before it sets new price records, but I do not expect the price to go below 11k for long.
Comment:
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