My Thoughts On Bitcoin Over $7k
As you probably already know, Bitcoin is hovering above $7,000 and it seems relatively stable around that level. It's the biggest rally in the last 12 months, and it brought the price just a tad over the September 2018 levels, wiping out the "valley of despair" in which Bitcoin struggled around $3-4,000 for more than 3 months.
I call that valley "the BCH stupidity hole", because the fall was generated by the hashrate war started by the BCH fork..
Here's how a 1 year chart looks like for Bitcoin (source: coingekco):
And here are my thoughts on this:
- the fundamentals were positive for more than half a year already, with Lightning taking over and the rogue Bitcoin forks spiraling down, so the price finally caught up with the fundamentals
- the volume is very relevant and I don't see any significant trend change - we will obviously have corrections down, because those who entered very low, around $4,000, will take profits rather sooner than later
- the alts are taking a beating right now, because the growth has a very significant momentum, but once the trend stabilizes, I think we will see the usual flow of value from Bitcoin to alts, (as it happened for most of the 2017 bull run), which means alts will start to catch up in absolute Bitcoin value - although many alts seems to be "stable", their value is stable only in fiat, in BTC they are going down. For instance, STEEM lost more than 50% in value since the BTC bull run started.
As always, this is not financial advice, and never trade more than you can afford to lose.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I think it's will hit 10k in few days...
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@dragosroua,
I also noticed it! While all other ALTs are in trouble, specially STEEM type coins, BTC gradually increasing! Seems a good time with it, but bad news for people who love ALTs than the alpha!
Cheers~
"BCH stupidity hole"
Funny name for that. Yeah it does seem like the BCH fork and ensuing hashrate wars started that valley of despair, I never put that two-and-two together.
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it was not BCH, but BSV that started that stupidity hole, led by faketoshi, who is another type of hole xD
Probably the Hashrate war was also the reason the $6400 resistance was broken so quick. Most of that volume was due to the war, not from real trading.
Actually this stupidity was started by BSV, led by faketoshi. It was the first real attack on Bitcoin (BTC) and was very thrilling to watch on the tech level in November. I ran full nodes in all three chains just for watching metrics, looking for exploits to happen. Very expensive popcorn, but also very interesting. It hit the ecosystem hard, but in the long run, this large scale attack proved that Bitcoin (BTC) is ready for production use, that it can withstand attacks on the engineering/technical and also on the game theory level.
I did not ask for !popcorn here. Back then, I did :p
We need some consolidation now to be more confident on the trend.
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Just hoping to stack a bit more Steem before it starts to rise up! These are great signs. This market is not for the faint of heart!! Great analysis @dragosroua Have a fantastic day!!
Nice, but #Bitcoin still didn't fix privacy and ASIC-resistance, what do you think about it?
There is a difference between the technology itself and how the asset is perceived. The technology behind Bitcoin is already obsolete from many points of views (some of them are addressed by layer 2 techs like Lightning, for instance), but the perception of Bitcoin is what makes it valuable at the moment.
It is really great to see bitcoin rising but my confusion is that I thought steem should rise also
What your thoughts on steem price? when the next steem bull run is expected? Is it coming or not? need your thoughts on it.