Unfortunate update for all the bulls out there and already mentioned before in my previous posts; the end for Bitcoin is here for good. The reason for it (as mentioned in my previous analysis) is that Bitcoin is no longer a safe store of value. The reason?
The Chinese mining dominance. That's for me the most important reason for the death of BTC as a store of value - not anything else. All other stuff can be fixed however I do not see an easy way out with the mining dominance or even if; centralization will trickle on beyond a new governance structure. So in short: our beloved BTC is dead but crypto is definitely not! So this has mainly implications for the BTC holder and the short/mid term crypto market; and that is; we are in for a heavy correction as BTC will bring down the whole market. (unfortunately)
There is a bright perspective however; crypto adoptions and use cases will only increase over the coming decade. This means we are still at the start of a decade of growth for the whole crypto market (excluding Bitcoin). The number 1 spot is up for grabs for Ethereum as soon as the market has bottomed out and a lot of money will go there instead of BTC. I expect ETH to flip BTC this summer (August, in purple on chart) but I can be a few months off... When - this or next year - we have ETH leading the market we can start a super cycle for the coming decade (heavy dips will occur) where we have an indefinite "alt season". So to hell with the word "altcoin" (been saying that multiple times too). So in the short term we are in for some pain until the market get out of the claws of Bitcoin - for good.
High volatility (up and down) is expected in the coming weeks, be careful everyone. (check my previous updates linked below as a reference) If you are a long term holder; my opinion is: be a long term holder - and the opposite for mid and short term holders of anything non-BTC.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Sounds like the bottom may be in then. When people are capitulating in their sentiment and making postulations on why the crypto space died, that is probably a good sign that a bottom is in.
Regarding mining, your statement is very short sighted. Do you really follow the mining space? If so , then you would know the publicly traded mining companies making big move to add capacity.
@cryptobullethbtcxlm, Absolutely great! I filled up some bags near the bottom. Unforutnately I still think you don't understand what is going on in the worlds economy. Do you realize that on annualized basis Btc and Eth are seeing volume of about half of global GDP? That means that dollars are being replaced as a means of sovereign trade settlement. Go ahead and short that move, but keep in mind the big picture.
cryptobullethbtcxlm
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@Stone881, yep and those public traded companies are as stupid as the banks who jpined crypto in 2018 - im talkung about btc particularly... eth can be 10k this summer, maybe later but within a year
CryptoTitans1
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Yes bitcoin died since 65 drop
cryptobullethbtcxlm
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@saeed6ap, yes you are right... we caught the top but i did expect a better bounce nor a power outage in china... good job to you mate
Regarding mining, your statement is very short sighted. Do you really follow the mining space? If so , then you would know the publicly traded mining companies making big move to add capacity.