I'VE NEVER BEEN SO BULLISH as I am today. What about you?
INTRODUCTION
It’s only been several days ago since I've shared my view and analysis of the CURRENT CRYPTO MARKET situation and I explained what my short term expectation is for the Bitcoin price movement.
And today's post will be (in a way) related to the previous one.
SMALL "RECAP"
In that publication, I've mentioned why I do not see much potential for the crypto market to go any lower. I also shared my view on why that brutal flash-crash that took place at the beginning of September happened in the first place (massive liquidation which took place at "El Salvador bitcoin day").
Most of all, I've mentioned that "93% of BITCOIN has not moved in a month". Which only proves that the majority of Bitcoin owners are simply HODLing it. And that's already a huge indication allowing us to "predict" that in the nearest future, the price of BTC will start increasing. Simply because of a supply squeeze.
It is also worth mentioning that within the recent weeks, more and more BTC has been moved outside exchanges to a hard wallet. And that's also a great indicator as it simply means that more investors decided to store their Bitcoin in a safe place and hold it. This will obviously reduce selling pressure and even smaller demand will be required to push the price upward.
Wouldn't you agree?
EVERGRANDE and CHINESE CRYPTO CRACKDOWN (again!)
Those two recent events could be considered as sort of a "black swan" and in other times, both could create massive waves of panic sell. Especially since both events were "promoted" by mass media and loads of FUD have been created.
However, this time around we've hardly witnessed any deeper crash within the crypto markets. Selling pressure hardly increased and Bitcoin dropped both times only by a few %. If same the would happen just a year ago then panic sell would most likely bring markets to much lower levels.
And to me, that could only mean one thing: there aren’t many inexperienced investors within the crypto space who are easily frightened. Not many so-called "weak hands" are still invested in crypto.
It's hard to imagine better times to get into the crypto space than now.
RECENT SUPPLY SQUEEZE and possible correction?
Assuming that there won't be any serious negative news popping out of the blue and affecting crypto markets - I would assume that we're on our "way to the moon". In short term, we may still experience some correction since the recent supply squeeze brought the price of Bitcoin from $41k all the way to $48k (over 15%) without solid volumes backing it up.
The lack of those volumes does make me believe that we will witness another correction. If that happens, then I would consider it to be a great "buying opportunity", one that may not repeat anytime soon.
That is what I would expect to happen anyway.
SHARE YOUR THOUGHTS
Are you as bullish as I am? Or perhaps you still have some concerns and worries about the future price of bitcoin? Share your views with me. I appreciate all your valuable comments.
Yours, @crypto.piotr
Founder of Project.hope community
The reason why I am not afraid of anything when it comes to cryptocurreny is that we have gone mainstream compared to back in the days. It is normal for prices to drop, that is how market will always operate. It is either we are down or up.
If you take proper observation of what is happening when it comes to the market you will discover that despite the China ban news, cryptocurrency especially Btc didn't repeat what happened in the year 2017. This implies that cryptocurrency has gotten to a good state and it will take more hard work to bring it down. If you observe it properly you will see that there is no way that will be possible. Take a look at how some countries has embraced and make some cryptocurreny their countries token. With all this trust in the system it will be hard to take it down.
Thanks for being so responsive buddy :)
Hi @crypto.piotr
I agree with you, especially after looking at how the market reacted after the recents news.
I am optimistic about the future of cryptocurrencies.
Happy Sunday!
My deep regards.
Hi @janettyanez
It's indeed hard not to be optimistic, while seeing how those awful news hardly affected crypto market :)
Stay safe
I think that people are now getting better informed about cryptocurrency. It is adorable that the two downsides news recently: about Chinese crypto ban and the Evergrande issue, did not cause the entire market to tumble. This is a good resistance for the entire crypto space.
I am very bullish on BTC and I think the price may hit an All Time High before this years runs out. Let's keep an open mind and see as things unfold though.
Thanks for sharing this piece buddy
Dear @samminator
Thanks for dropping by and sharing your thoughts with me buddy.
Adorable? Im not sure if this is right word hahaha. I think kids can be adorable :)
Anyway, Recent negative news hardly affected the market. But positive ones are making people so very bullish. Did you read this one?
"SEC Chief Says the U.S. Won't Ban Cryptocurrencies."
Link: https://www.bloomberg.com/news/articles/2021-10-05/sec-chief-signals-crypto-ban-like-china-s-won-t-happen-in-u-s
It impacted entire market in such a possitive way. Bitcoin just exploded.
Cheers, Piotr
Hi @crypto.piotr
I can undersstand what you are trying to convert through his post and its simple that its gihh time when we need to stick with our crypto goals as market seem to be mature.
This is one of the thing that clearly proves and now week hands are mostly out and whoever is left have long term vision with crypto.
The recent china issue ban also did not make much impact and the bitcoin price is back to normal so it can be considered things are moving in the right direction. Now since one bad apple is out from crypto so we can expect less manipulation.
Like you, I am also bullish so we share the same thoughts here. Thanks.
Dear @alokkumar121
Glad to see your comment buddy.
Indeed. Things are moving again in right direction :)
Recent negative news hardly affected the market. But positive ones are making people so very bullish. Did you read this one?
"SEC Chief Says the U.S. Won't Ban Cryptocurrencies."
Link: https://www.bloomberg.com/news/articles/2021-10-05/sec-chief-signals-crypto-ban-like-china-s-won-t-happen-in-u-s
It impacted entire market in such a possitive way. Bitcoin just exploded.
Cheers, Piotr
Greetings @ crypto.piotr
As any small investor we always have the best wishes to see a bull market, however I think this is going to take a little longer than it should, everything will depend on the strong hands, as they have made some moves to exercise dominance and assess how the market behaves, sometimes they have received the desired response and sometimes not. For this reason I think they will come back with FUDs and other decisive strategies to see how the market reacts, everything is done to exercise supremacy over new investors.
I hope you can understand my point of view.
Hello @crypto.piotr.
Excellent article that you share with us on this occasion, it is very important what you express:
I think the same as you and this has given more solids to the crypto market, so I also share optimism regarding the immediate future of cryptos.
Thanks for sharing such valuable content with all of us. Regards.
Hello @crypto.piotr
Despite all the news, the price drop that happened lately that thought might affect the Bitcoin maybe a little more, everything went good somehow, people kept on holding and that's probably the right move. Now what I think is that people you've mentioned as "weak hands" has already started going away from trading especially with bitcoin and chose to trade with other coins where it would give them less stress or something. So now we only got the holders who don't want to sell anything, and I'm pretty sure everyone of them has experience and know that panic sell isn't the right move after all too.
For me I'm the one who took his investments out of BTC before some time, I really don't feel like I would be trading myself but I would always love to hear the news about the market, so thanks for providing your opinion Piotr.
Hi @lennyblogs
Recent negative news hardly affected the market. But positive ones are making people so very bullish. Did you read this one?
"SEC Chief Says the U.S. Won't Ban Cryptocurrencies."
Link: https://www.bloomberg.com/news/articles/2021-10-05/sec-chief-signals-crypto-ban-like-china-s-won-t-happen-in-u-s
It impacted entire market in such a possitive way. Bitcoin just exploded.
Cheers, Piotr
Greetings @crypto.piotr, I have seen trading reports of bitcoin and as you said, it shows that most of the people are holding their investment in bitcoin,
As far as the covid is concerned, Right now it's pretty much stable in many places, I guess covid is also a factor that is affecting trading market. i think prices will rise in the future.
Thank you for sharing this
What are your thoughts on this?
#bullish
Thanks for taking the time to visit my publication and share your thoughts @winy
Cheeers :)
my thoughts about covid?
Yeah, what are your thoughts on covid affecting the cryptocurrency price/market?
@tipu curate 2