The History of the Bitcoin ETF proposal in March 2017 was quite sugnificant for Bitcoin. We saw Bitcoin trading around $1,100 - $1,200 then the Final Hours before the decision of the Bitcoin ETF was made by the SEC, the price of bitcoin had fallen to around $850. After the announcement that the ETF had been rejected and all uncertainty was cleared and then the price of Bitcoin climbed to today's highs several months later. With a price between $2,500 - $3,000
It appears that the same behavior regarding uncertainty with the Bitcoin ETF decision in March is affecting the price of Bitcoin similar to the uncertainty of how bip 148, a user activated hard fork will affect Bitcoin going forward with a second or side chain.
Make sure that any form of your Bitcoin Storage will support bip 148 after Aug 1st.
Bitcoin correction history 2009-2017
Max BTC Correction: 91%
Min BTC Correction:38%
Average BTC Correction: 66%
This really helps me bridle my feelings as to holding Bitcoin during one of the swings of the moody beast.
Stay call and just say this is what hap been happening for the last 9 years. with a new Bitcoin Cycle about every 2 years.
The Exponenctial growth of Bitcoin
After making this chart the Market Pulled in over 1 billion USD in a single day. Not too long until we are on the way to a trillion dollar market.
From 1-10 Billion took 4 years while 30-40 billion took 10 days
with the launch of Bitcoin in 2009 to 2017 Bitcoin has been around for 8+ years just think what the adoption of Bitcoin and Altcoin will be when we hit the 10 and 15 year mark. The rate of Adoption will be unparalleled to any technology that has come before it as shown in the chart below.
You can see how the adoption of Blockchain will line up as a modern technology to be one of the next in line.
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Solid analysis and post. Had not heard or seen an analysis ftom this perspective before.
I am interested to hear your thoughts on the hard fork, and what will happen immediately following.
Personally, I think that while BTC is still clearly the dominant force in the cryptomarket, a messy fork (& divided community) in August could put all cryptos in a more prolonged holding pattern if not a decline to some degree. I also think that BTC needs to start acknowledging problems more proactively, or another player could step up. People seem to think that because BTC was the first, that they are the surest bet to succeed, but history would disagree. No entity is too big to fail, and without innovation, BTC could slowly become just another Blockbuster, Myspace, or Sun Microsystems.
Thoughts?
I see BTC more as the Model T than the myspace.. they filled their purpose for the time they were needed and intended. now the model T is more like a collectible because of what it did for its time.
The model T taught us how we can build care better and cheaper on an assembly line.
Thanks @bka150030
Best,
Isaac
mostly just save them for the future. I don't even spend them unless necessary. I just let them accumulate and gain value, only cashing out for essentials like my internet bill and day-to-day expenses. I don't even have much yet so I'd rather hold on to them than risk losing whatever small amount I've accumulated. When I finally got a single bitcoin saved up, I'd probably be more comfortable using extra coins earned.
You go @chris77d just keep at it I remember when I was in your shoes... I will crush it just keep playing it smart and buying the coins you believe have the most long-term value.
Best,
Isaac
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my advice would be to be a bull and hold. this market will be HUGE in 5-6 years, going to make a lot of people rich!
Right, but by market you are referring to the entire Crypto-world right?
While I completely agree that the overall market will be huge in 5-6 years (I think it will be much sooner then that though, more like 2-3 years), can you say with absolute confidence that BTC will be the most valuable playform that far out? If so why are you so confident in BTC's fundamentals over everyone else? I get that they have the most history, have the name recognition, and own most of the market cap right now... But what is BTC doing currently or do they plan to do that some other platform cannot duplicate, do better, and possibly do more efficiently?
To be clear, I am not saying that I think you are wrong (I am neutral on the matter, as I think all crypto platforms have a lot of work to do before I can decide with great confidence), I would just like to hear a solid analysis of what you are seeing to backup your recommendation of BTC 5-6 years from now.
no, im not just saying bitcoin, i support other altcoins such as ripple and siacoin more than BTC, in my opinion I think Bitcoin won't be in the #1 spot in the next couple of years to be honest
It's like Noah loading the ark...
two of every kind of animal! BTC, ETH, LTC, PIVX... They can sometimes be moody beasts
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