There is a lot of traders who would disagree with this view but i have been a massive crypto bear especially on BitCoin for a long time, I am expecting BTCUSD to drop to sub 1k levels most likely 1k-1.5k in the next 12-24 months. At current levels the price could rally up to low 7k prior to tanking. Bitcoin along with all other Crypto currencies and especially Altcoins will lose 95-99% of their values with 99.9% of altcoins being deemed worthless when the bloodbath ends. There is no intrinsic underlying theoretical value to these crypto currencies. I will be looking to short BTC in the days and months ahead considering the flight to cash and risk averse mentality that eventuate with a flight towards risk free assets already being seen with desperation around the consensus hoarding essential items. Analyzing BTC from a wave perspective under the Grand super cycle we are expected to retrace back towards 1k over the next couple of months. Watch this space!!
Why do you seem so emotional? Did you get rekkt hard? Lol
MarcusBlac
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@wildbeast, emotional or passionate on the view haha, I'm about as unemotional as they come when it comes to trading lol
mpow
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forces right now:
halvening
infinite money
decoupling
safe asset correlated to gold
MarcusBlac
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@mpow, true but fatal flaw is there is not intrinsic value unlike the yellow metal
Jbergene
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@mpow, after being in bitcoin since 2016, this is just nonsense to me now. What happened to all the other things? Bakkt? Remember bakkt? List goes on. Everything feels like bad excuses to go long.
If I wanted to go long, the only reason would be ethereum and it's decentralised platform. That can actually serve a purpose compared to bitcoin
surfkid
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I sincerely believe in ₿ in the long run. However: 1) reward halving is inflation house keeping at the cost of participants and security 2) infinite money is a concept—and a likely majority of people don’t know and/or care 3) decoupling is a concept—a theoretically nice concept unless gold were to rocket and send ₿ the the other direction right...and the likely majority of humans don’t know or care 4) safe asset is another nice concept. The market discovers and decides value; today’s price shows what the best efforts of early adopters can produce in a small cap instrument. If Bitcoin needed another 9-14 years to range under 50k while finding global majority traction?
Bitcoin will be worth an absolute minimum of 55k , max 300 k (overshoot) max by the end of 2021. most likely at least 100 k. simple stock to flow chart, very accurate in the last ten years
MC_Peewee
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I don’t typically like sharing my charts on other people’s ideas. That said, I am doing so because I highly disagree with you on a few points.
Firstly, I agree way more than you know on BTC itself. Aside from that, I strongly disagree that there is no intrinsic value in alts. While it has been true for a very long time that alts have been correlated to BTC movement, there are many reasons for that, which I will not get into.
The main one is very simple, they are money printing machines. Where do you think all the money coming out of BTC will go, especially if you believe there will be a flight to ‘less risky’ assets?
Most alts have hit -95%+, some even having hit lows of 98-99% down. They bounce even 10% of what they’ve lost and you’re looking at minimum 3-5x returns depending on your entry.
Alts have been correlated to Bitcoin for a very long time for one reason and one reason only: to dupe people into being BTC maximalists. If alts are crapping the bed while Bitcoin is clearly doing much better, MOST people wouldn’t even bother buying them. Especially considering Bitcoin is much easier to leverage. So if MOST people won’t be buying them, who has been and will continue to?
Think about it like this. You’re a billionaire. You make 10 billion in BITCOIN profits at current price. Bitcoin had a catastrophic 50% drop in a stupidly short time frame, you’re smart, you’re greedy, or you’re both. You either want to get into something ‘less risky’ or park your money somewhere where it can keep growing. What’s your next play?
Crypto is not inherently risky to a professional investor. In fact, it’s the exact opposite. Know why?
Because they know how to buy oversold and sell overbought.
The *only* reason alts have been correlated to bitcoin for so long is simply because amounts of money you can barely even comprehend are slowly but surely being parked there and have been since 2016/2017. Don’t believe me? Ask yourself why Tether and other stable coins market caps have skyrocketed since 2017 yet we haven’t even attempted to break ATH.
To anyone who really wants to make it in this space, you must analyze ALL LOGIC AND REASONING behind what moves a whale would make and why.
Nano Funfair Dent.
Buy those now and thank me profusely in 3-5 years. 2017 is about to look like a speed bump.