Sadly bitcoin went downwards and there is little bullish signs of life seen on the chart. Unless some news come out that will change the direction of the wave, it is highly unlikely for bitcoin to go on an another bull run. Do I think that cryptocurrencies will die? - No, they will hardly disappear considering a lot of businesses are already utilizing the power of the blockchain to their advantage and the price won't hit zero (To my knowledge a lot of insurance companies in europe are using crypto as a tool to transfer money safely), but in order for them to increase in price there are a few things that an asset should do:
a) Appear to new audiences and investors.
b) Drastic changes for the better to make people reinvest.
c) Become a hot topic.
A and C are already done - in the early days nobody has even heard of bitcoin and because it brought something new and fresh to the market, people were willing to invest in it and see how it turned out. After that it became a hot topic and the crypto market got unseen-like volatility.
So what's left? -Option B. Just think for yourself, who has never heard of crypto, old lads and ladies that freeze their assets until they die? Become a hot topic yet again, but for what reason, that it's a "new" thing? Hardly so.
At the moment we should sit tight and don't make any rash decisions. Most likely you have the feeling of "I need to do something" and act solely on it, but unless you are an experienced trader, you will just lose money in the long run for no reasons.
What do you think of the current market condition? Let's discuss it in the comments because young "naive" people who are only now getting in ,with little money that they have, are looking at us to create an impression on the market, so let's do them a favor and lead them to the right direction and save them their hard earned "cash", that most likely they can't really afford to lose.
Good luck!
a) Appear to new audiences and investors.
b) Drastic changes for the better to make people reinvest.
c) Become a hot topic.
A and C are already done - in the early days nobody has even heard of bitcoin and because it brought something new and fresh to the market, people were willing to invest in it and see how it turned out. After that it became a hot topic and the crypto market got unseen-like volatility.
So what's left? -Option B. Just think for yourself, who has never heard of crypto, old lads and ladies that freeze their assets until they die? Become a hot topic yet again, but for what reason, that it's a "new" thing? Hardly so.
At the moment we should sit tight and don't make any rash decisions. Most likely you have the feeling of "I need to do something" and act solely on it, but unless you are an experienced trader, you will just lose money in the long run for no reasons.
What do you think of the current market condition? Let's discuss it in the comments because young "naive" people who are only now getting in ,with little money that they have, are looking at us to create an impression on the market, so let's do them a favor and lead them to the right direction and save them their hard earned "cash", that most likely they can't really afford to lose.
Good luck!
Comment:
Support area reached. Price bounced backed as we expected.