Yesterday, I called on the Bitcoin community to shun anyone threatening to slow cryptocurrency adoption…
…like KING TA FUDster – who continues to cling to the HOPE that Bitcoin, and cryptocurrency in general, collapses. Unfortunately, he’s too stupid to recognize the bear market is over – which may well have been cemented by last night’s key post-futures opening price reversal…wiping out the “$7,500 vigilantes” who have desperately attempted to hold Bitcoin down since last Tuesday’s MASSIVE breakout.
In fact, I predicted this turn of events mere hours beforehand – as at this point, it couldn’t be clearer that if $7,500 goes down, a LOT of speculative money could enter…particularly, as a mere $7.5 million buys 1,000 BITCOIN; which in and of itself, is enough to cause prices to surge. In other words, the price remains SOOO low compared to its outlook, the upside potential is staggering.
Moreover, the amount of potential, near-term catalysts is literally exploding – from this weekend’s MASSIVELY Bitcoin-bullish G-20 communique…
…to the increasing likelihood of a game-changing Bitcoin ETF approval next month…
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This, whilst the ONLY monetary competition Bitcoin has (or should I say, HAD) - Precious Metals, are literally collapsing from disinterest. In other words, it would not surprise me one bit if Bitcoin was back to $20,000 later this year – bottoming in July (as it did last year), and surging through year-end.
https://cryptogoldcentral.com/2018/07/19/golds-death-at-the-altar-of-bitcoin-in-on-tweet/
Unquestionably, I have written more about the Mt Gox Trustee than anyone in the cryptocurrency space – predicting he would be done selling this May, when the rest of the world was fretting that his (measly $1 billion or so of Bitcoin) would decimate the price…
…which couldn’t have been more spot on – as just a month later, it was announced that he was in fact done selling…
https://cryptogoldcentral.com/2018/06/22/the-mt-gox-trustee-is-done-bitflyer-is-decidedly-not/
To that end, it got me thinking to what the Bitcoin “bear market” – that ended at $6,000, a price never seen before November – truly was. I mean, the Mt Gox Trustee sold roughly 35,000 between December 17th (the TOP) and February 6th (the BOTTOM, in terms of Bitcoin’s market cap); and another 14,000 after withdrawing that amount in late April and early May – just before the price plunged from $10,000 to the ultimate low of $5,750…which in terms of market cap, was identical to the $5,950 low of February. Which in both cases, was EXACTLY the $100 billion level I extolled since the Fall as the level in which institutions would enter; and since February 6th, the level they would support prices at. In other words, was there really a Bitcoin “bear market” at all? Or alternatively, a pause that refreshes, ENTIRELY due to NON-FUNDAMENTAL selling by the Mt Gox Trustee?
https://cryptogoldcentral.com/2018/03/18/non-fundamental-reasons/
For HODLers, it matters not – as we simply held on through these frustrating six months, preparing for the BIG ONE to hit…when GLOBAL BITCOIN ADOPTION, as opposed to SPECULATION, is the primary demand driver!
I hope the ETF will be transparent. Real transparency unlike GLD with phony bar serial numbers. I really wish Andy would have a change of heart towards precious metals though. FIAT is the real enemy. No one knows more about gold and silver than Andy though.
I think in winter btc price will go up because lots of people sit at home to PC and from hipe and marketing price will go up
I think that the price is controlled by these TA goofballs right now that only use crypto currencies as a vehicle to increase their FIAT holdings. What we really want to see is merchant adoption and for people to actually starting using Bitcoin in day-to-day payments for things as well as a store of wealth.
I know Andy would likely disagree with me on this but I believe this is where the Bitcoin Cash people have it right. They focus on adoption and usage which, in theory, would increase demand for it elevating its value.