I'm bullish on BTC in the long-run.
But in the midst of all the short-term analysis and the formation of a bull flag in the past couple weeks, I think it's necessary to step back and take a look at the bigger picture.
I believe that one day we're going to see a point when BTC reaches $100,000. It may seem like a far fetched idea but if you consider the significance and impact that blockchain will have on the global economy, it's pretty realistic. Also, looking at the history of the stock market, commodities and other means of value exchange, it gives me more confidence. But with such an exponential rise a bubble burst was inevitable. History has shown that many times.
This year we've gone through a huge correction and many investors have left the cryptocurrency market. Most of the money left in this market, I believe, is smart money. Investors looking at the long-run potential of Bitcoin and altcoins.
From February till November, BTC tested the $6000 support zone and bounced back numerous times, allowing us to believe that $6000 was the bottom. Soon enough, BTC broke below the support zone and now it's turned into a resistance. We're still in bearish pattern and BTC might plummet further, potentially taking us to $2000 then $1000 and maybe even, although I highly doubt it, three digits. I believe the best position right now is observing without bias. Looking out for horizontal movement, a cup formation, a clear accumulation zone. Then consistently dollar cost averaging your capital in a smart, calculated manner.
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But in the midst of all the short-term analysis and the formation of a bull flag in the past couple weeks, I think it's necessary to step back and take a look at the bigger picture.
I believe that one day we're going to see a point when BTC reaches $100,000. It may seem like a far fetched idea but if you consider the significance and impact that blockchain will have on the global economy, it's pretty realistic. Also, looking at the history of the stock market, commodities and other means of value exchange, it gives me more confidence. But with such an exponential rise a bubble burst was inevitable. History has shown that many times.
This year we've gone through a huge correction and many investors have left the cryptocurrency market. Most of the money left in this market, I believe, is smart money. Investors looking at the long-run potential of Bitcoin and altcoins.
From February till November, BTC tested the $6000 support zone and bounced back numerous times, allowing us to believe that $6000 was the bottom. Soon enough, BTC broke below the support zone and now it's turned into a resistance. We're still in bearish pattern and BTC might plummet further, potentially taking us to $2000 then $1000 and maybe even, although I highly doubt it, three digits. I believe the best position right now is observing without bias. Looking out for horizontal movement, a cup formation, a clear accumulation zone. Then consistently dollar cost averaging your capital in a smart, calculated manner.
Leave a like, comment!