The fundamentalists will win in the long run.
Updated
https://pasteboard.co/HfIWXJSq.png
I think the fundamentalists will win in the long run.
The trading volume has been very low all 2018, and the trend is pointing down following a very systematic, almost fractal like pattern.
You have to ask what Bitcoin really is and what it is really worth.
Is it a currency or is it a block chain technology?
I don't think it can succeed as both.
If it has to work as a currency it will need some kind of stability, otherwise it will not work.
Maybe SEC's latest ETF proposal might help stabilize it, and give it an extra chance as such. However it will take time to implement.
So that will not come as a help short term.
As a block chain technology, there are also many other options out there, that might also be better than Bitcoin.
And it doesn't help that ICO's are popping up everywhere like cancer. It just adds extra confusion to an already complex market.
Speaking of which. The crypto market is now just an other instrument, and subject to increased control and manipulation from professional traders.
And they are not day dreaming of a new bull rally. they are scalping and scraping away, what ever they can until there is nothing left.
Up or down makes not difference. Have you see Annihilation on Netflix, because that is what I'm talking about here. No hard feelings.
I bet there will be a new bull rally, probably not soon, not until Bitcoin has been brought all the way down to it's knees, pre 2017.
With the infrastructure and the incredible brand value that Bitcoin has, it will most likely return to a certain extend, at least as an alternative currency which it was meant as.
It might take a year or two and a couple of bull hikes, some maybe even higher than what has ever been seen before ( greed knows no limits ).
But in the end, when everything has settled down, it's value will most likely be closer to one, round US dollar than $7.000.
Maybe already by the end of 2018.
Remember the banks are aggressively going for their own alternative block chain technologies like R3 and Hyperledger.
One thing is for sure, they will never give up control.
It has to be taken from them :-) and i don't think Bitcoin has or ever will have the strength to do that.
But there will be some rallies before the Bitcoin hikes are finally over.
I think the fundamentalists will win in the long run.
The trading volume has been very low all 2018, and the trend is pointing down following a very systematic, almost fractal like pattern.
You have to ask what Bitcoin really is and what it is really worth.
Is it a currency or is it a block chain technology?
I don't think it can succeed as both.
If it has to work as a currency it will need some kind of stability, otherwise it will not work.
Maybe SEC's latest ETF proposal might help stabilize it, and give it an extra chance as such. However it will take time to implement.
So that will not come as a help short term.
As a block chain technology, there are also many other options out there, that might also be better than Bitcoin.
And it doesn't help that ICO's are popping up everywhere like cancer. It just adds extra confusion to an already complex market.
Speaking of which. The crypto market is now just an other instrument, and subject to increased control and manipulation from professional traders.
And they are not day dreaming of a new bull rally. they are scalping and scraping away, what ever they can until there is nothing left.
Up or down makes not difference. Have you see Annihilation on Netflix, because that is what I'm talking about here. No hard feelings.
I bet there will be a new bull rally, probably not soon, not until Bitcoin has been brought all the way down to it's knees, pre 2017.
With the infrastructure and the incredible brand value that Bitcoin has, it will most likely return to a certain extend, at least as an alternative currency which it was meant as.
It might take a year or two and a couple of bull hikes, some maybe even higher than what has ever been seen before ( greed knows no limits ).
But in the end, when everything has settled down, it's value will most likely be closer to one, round US dollar than $7.000.
Maybe already by the end of 2018.
Remember the banks are aggressively going for their own alternative block chain technologies like R3 and Hyperledger.
One thing is for sure, they will never give up control.
It has to be taken from them :-) and i don't think Bitcoin has or ever will have the strength to do that.
But there will be some rallies before the Bitcoin hikes are finally over.
Note
Here is the chart with prices to the right.pasteboard.co/HfJc0Vl.png
PS. This is my first idea, so i used an external image editor.
Will use the built in, in the future.
Note
Here is an article describing the fundamental issues with Bitcoin in much greater detail.I believe the overall projection still holds.
I’m a bit curious what will happen when the price gets close to the mining costs.
The HODLers will probably still try to sit it out.
But eventually one will need some bread on the table.
google.dk/amp/s/www.technologyreview.com/s/610783/bitcoin-would-be-a-calamity-not-an-economy/amp/
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