Let's take a look at BTC in Log scale. The last 6 months have been hyperbolic, parabolic to say the least. Let's get to some fundamentals shall we?
When speculation outweighs utility of anything, it's a bubble. Blockchain in its current form is not scalable to average user.
The average TPS for current bitcoin transactions is only 7, and segwit may double/triple it. For BTC to become new money, there needs to be a major technological advance.
Or, thinking about BTC as the new gold, Bitcoin ETFs need to be opened so that general public without much computer/crypto knowledge can own bitcoin.
I think crypto winter is here, for the short term. Let's see if lightning network can successfully scale bitcoin to the masses. If that happens sky is the limit!
Until then, speculation outweighs utility and we probably won't break 20k anytime soon( Unless Bitfinex decides to print another 2 billion Tether and pumps up the price again)
When speculation outweighs utility of anything, it's a bubble. Blockchain in its current form is not scalable to average user.
The average TPS for current bitcoin transactions is only 7, and segwit may double/triple it. For BTC to become new money, there needs to be a major technological advance.
Or, thinking about BTC as the new gold, Bitcoin ETFs need to be opened so that general public without much computer/crypto knowledge can own bitcoin.
I think crypto winter is here, for the short term. Let's see if lightning network can successfully scale bitcoin to the masses. If that happens sky is the limit!
Until then, speculation outweighs utility and we probably won't break 20k anytime soon( Unless Bitfinex decides to print another 2 billion Tether and pumps up the price again)
Comment:
We have to see if the upper trendline in log scale holds itself. My hunch is it will
Trade closed manually:
We've officially entered Bitcoin bear market.. looking to add along the way bottom
Hmm