BTC Future Outlook - Good Buy and Hold Strategy?
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2023 Future Forecast for BTCUSD is $12,000
Some basic knowledge about Bitcoin
See bullet points below
* It trades against the USD
* Encourages money laundering - No ID required
* Performs poorly when there's global uncertainty.
* Without Blockchain Bitcoin is worthless
* When there is global uncertainty, Gold and USD perform the best
* When the Fed prints money, BTC performs better from the weakness of the dollar
* When the Fed raises interest rates where we saw 4 rate hikes in 2018, BTC doesn't perform well
* BTC is good for international business because it eliminates the cost of exchanges
but when the US Dollar is low, international investors, banks, institutions, purchase large
amounts of USD to reverse it for future investments.
Some basic knowledge about Bitcoin
See bullet points below
* It trades against the USD
* Encourages money laundering - No ID required
* Performs poorly when there's global uncertainty.
* Without Blockchain Bitcoin is worthless
* When there is global uncertainty, Gold and USD perform the best
* When the Fed prints money, BTC performs better from the weakness of the dollar
* When the Fed raises interest rates where we saw 4 rate hikes in 2018, BTC doesn't perform well
* BTC is good for international business because it eliminates the cost of exchanges
but when the US Dollar is low, international investors, banks, institutions, purchase large
amounts of USD to reverse it for future investments.
Comment:
I will always be bearish with bitcoin until they establish branches where you must phyiscally appear in person and present several pieces of photo ID to be eligible for a bitcoin wallet. Way too many illegal corrupt transactions from the use of this fake currency.
Michael Harding - 12+ yr FX Trader
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Comments
Interesting perspective. Do you think the increasing institutional interest is speculative only then?
Reply
@Phi-Deltalytics, Well "interest" doesn't imply exploiting and has many possible outcomes. To what degree? who knows... I'm sure I wouldn't base a strong bullish bias off the backs of the institutional hearsay about "interest"
Reply
*It trades against the USD-- USD is expected to fall
*Encourages money laundering from complete idiots. who were the last 5 or ten people who used that $20 dollar bill you now have? who knows theres no way to tell, but with bitcoin every transaction is on the ledger, set in stone, you could look up every account that ever transacted with the btc you have if you really wanted too.
*Performs poorly when there's global uncertainty? talk to someone in Venezuela or Zimbabwe or Lebanon
*When the Fed prints money, BTC performs better from the weakness of the dollar. June 2019 fed deficit ~8 bil; June 2020 deficit 800+ bil. an order of magnitude higher yet BTCs price hit 12k june 2019, barely got about 10k june 2020
Could BTC's price dip significantly in the near future? its possible. it has been highly correlated with the stock markets in this period of uncertainty after march. but strangely at the end of last week BTC was moving more with gold than the markets.
Btc is good for international business due to its trustless protocol. however the proof of work algo that makes this possible is tedious and only so many transactions can happen.
and lastly btc has been around for 11? years now. Its irresponsible to extrapolate a trend line of the last three years on to the next three. If you did the same method but 3 years ago instead of today, the price prediction would have been 100k by 2020
*Encourages money laundering from complete idiots. who were the last 5 or ten people who used that $20 dollar bill you now have? who knows theres no way to tell, but with bitcoin every transaction is on the ledger, set in stone, you could look up every account that ever transacted with the btc you have if you really wanted too.
*Performs poorly when there's global uncertainty? talk to someone in Venezuela or Zimbabwe or Lebanon
*When the Fed prints money, BTC performs better from the weakness of the dollar. June 2019 fed deficit ~8 bil; June 2020 deficit 800+ bil. an order of magnitude higher yet BTCs price hit 12k june 2019, barely got about 10k june 2020
Could BTC's price dip significantly in the near future? its possible. it has been highly correlated with the stock markets in this period of uncertainty after march. but strangely at the end of last week BTC was moving more with gold than the markets.
Btc is good for international business due to its trustless protocol. however the proof of work algo that makes this possible is tedious and only so many transactions can happen.
and lastly btc has been around for 11? years now. Its irresponsible to extrapolate a trend line of the last three years on to the next three. If you did the same method but 3 years ago instead of today, the price prediction would have been 100k by 2020
Reply
@Michael_Harding, responding to your edit about being bearish until theres a physical place you go show several forms of id ect. Like the post office where you get your passport? not in America but in Australia you can buy btc at the post offices. In case you missed the news last week but US banks can now do custodial servicing of cryptocurrencies. still though I do believe there will be a better buying opportunity in the near future but hey we all do our own TA and live with the consequences. best of luck
Reply
I agree, I am holding off from buying until it goes down below $5K; for the third time.
Reply