Bitcoin's in a Bear Market, but I am more BULLISH than ever!
Lot of good things have been going on under the hood...
Bitcoin's chart looks pretty bad, actually it looks downright awful.
Prices have been doing nothing but going down for over 14 months now, with not one single "higher-high".
In spite of that, I am more bullish than I have ever been regarding an investment in bitcoin.
That might sound crazy to some, but everything that has happened (and is happening currently) has lead me to be more confident than I have ever been.
In fact, I just moved the last bit of my trading cash into bitcoin this past week. Meaning my crypto trading portfolio is now all crypto, no cash.
Why @jrcornel is more confident than ever before on bitcoin:
The reasons I am more confident than ever before are numerous, but I will outline some of the main ones below...
In no particular order:
- Endowments and Pensions are investing for the first time ever
- Bakkt and Fidelity are launching 'soon'
- ETF getting closer to being approved with each passing day
- There has never been more awareness about Bitcoin and it gets more free press than ever before
- Many more (and better) options to buy bitcoin than ever before
- Lightning Network seeing substantial growth and adoption
- It's gaining traction as a better gold and portfolio hedge among investors
- Next halving event is roughly 14 months away
- On chain transactions are near all time highs yet fees remain minimal
- Starting to finally get some regulatory clarity in different jurisdictions
- It has never not made a new higher-high after a pull back
- Prices are 85% off their peak
I could break each bullet point down and write several paragraphs on each, but for now I will just leave it in bullet points as to why I am more confident than ever before.
What do you think?
What are your thoughts and opinions on bitcoin?
Are you more confident than ever before as well?
If so, tell me why in the comments section below. It not, let me know why!
Stay informed my friends.
Image Source:
Follow me: @jrcornel
From my observation Bitcoin is still in a down trending bear market which still needs to proof its buttom.
In a bear market, the fundamental news won't matter that much as technical analysis and risk/money management of the market participants.
I agree that the overall crypto currency market is maturing and building up its infrastructure but we all still have a long way to go.
I see it this way the fundamentals are improving and now the only thing I need to do is to wait for technical driven market to show us the Bottom. If we then create higher highs its more likely to catch the next up trend when its starting to form.
Good luck everybody!
Yep, that is exactly it. Infrastructure is improving while prices continue to slide. Pretty good environment to be accumulating in.
Stay strong Mr Bull 👍
Strong like bull!
I have the feeling that we have touched the bottom already. I’m not expecting lower lows and I think we are entering in the accumulation phase.
Market is going to gain confidence little by little
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I think you may be right. Though I could also see one more plunge. I am not positioned for it to actually happen though.
What Elliott Wave tell you this morning. ;)
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He said we will either go up, down, or sideways.
What might be good push for Bitcoin is that some coins that started as CryptoNote coins are going to switch this year to Bitcoin Core with some modifications to make it more anonymous. Some projects lost faith in ASIC resistance on CryptoNight algorithms due to too complex changes proposed for Variant 2 late last year.
Generally CryptoNight coins have had lower exchange rate than coins based on other technologies and switching away from CryptoNight gives more volatility to Bitcoin.
Also, for last few months, hardly no new CryptoNight coins have been added to popular exchanges that usually accept new projects, for example TradeOgre has added only one coin recently since they added Ethereum (which they initially didn't want to add due to maintenance costs).
The barriers to entry getting coins listed on major exchanges seems to have increased dramatically.
Do you use Bitcoin for spending in the first place?
Posted using Partiko Android
Nope.
Next bull run will take us to $100,000
That would be ok with me. What's your time frame?
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The raging bull photo is great.
Ha, yea I thought that one was perfect as well.
I'm incredible bullish on BTC! One thing that you didn't put there is that BTC can become the next gold, with whole countries backing their own fiat with BTC! We saw a huge BTC bubble, it's normal for the bear market to be deeper in these cases... It's also a great opportunity! If the bear market is deeper it also means we will have cheaper prices to buy! And let's not talk about people that heard about BTC on the rise up and said "I will invest once we go down" or the people that sold on the ATH and are waiting for the reversal to happen! those people have the money saved up just waiting! It's not a if it's a when! I have a small amount of $ saved up just waiting for the market reverse! The longer it takes for the reverse to happen the more the price will pump!
That would be this one right here:
"It's gaining traction as a better gold and portfolio hedge among investors"
That is actually one of the most likely reason bitcoin is going to go up in my opinion! :)
I don´t know if I´m more bullish than ever, because I was already very bullish more than a year ago. But one thing's for sure you reasons to be bullish are very well justified.
Even more bullish than very bullish would be... extremely bullish!
Hahahaha, exactly!!