Everyone claims to be right, but their claims are based on information, which is false. Your decision is based on your mental judgment, your judgment is wrong, and your decision does not have to be based on perspective. It is about perspective.
When Bitcoin fell to 6k earlier this year and then returned to 8k, many thought they had seen the worst, but it was time to turn speculators into fundamentalists.
I believe that cryptocurrencies are part of the future, but development and full adoption will be slow and slower than many initially think. Of course, all this comes in phases, so don’t be silly – we already see the reality. If you want to get into the top end of the price range of bitcoin ($12k – $20k), you need to aim for a long-term investment of at least $10,000, if not more.
Bitcoin Prime is a trading app that provides investors with a digital promise of winning if the directional movement of the price of an asset is predicted by the app. When investors win this promise, they are rewarded with bitcoin.
Still, with the calm and serenity accompanying a bear market, I decided to look at what is happening and what we have not been paying attention to. Bitcoin’s price has fallen by about 1.2%, and the market trend is opposite to what has happened in previous bear markets.
It was at an all-time high, then the crash started, and now it’s fallen about 1.2%, according to CoinMarketCap.
The Mt. Gox issue was a rumor at first, but it went further into the abyss in the weeks and months that followed. The price of Bitcoin fell below $600, then back to $500, and then to its all-time high of $1,000.
Once, it was as much as $110, but when you consider that once $1,200 turned into $110, it is now worth less than $100.
That’s still a 70% drop, but that’s more than 90% of the decline, and it’s a sign of how bad 2018 is going to be.
I am not saying that we should be grateful that things are not worse, but I am just giving some perspective.
Bitcoin picked up speed in 2018 and hit all-time highs in March 2019. The biggest upswing came in 2017, but bitcoin has been recovering since 2016.
Of course, the price rose to $750 over four years, but it was not convincingly above that price. Those who bought at the top in November 2016 had to wait until March 2019 to break even. Combine the events of November 2016 and March 2019 with what the market was experiencing in 2018, and you get the classic bear market perspective.
If it took about 40 months to reach the all-time high of the previous bear market, it would take about 30 months for the market to forget all that and get back to a level that we are all happy with. What is certain is that bear markets will not end so quickly, but the fundamentals remain the same. The market is much more stable than it was 4-5 years ago, and it is much closer to its long-term goal of $1,000 than the $2,500 level.
I have January 2019 in my sights, but it may take longer, and the bear market should not last another 20 months. I see bitcoin at $20k and see the cops take full control, so I wouldn’t see it exceeding $2,000 before the end of the year.
This is a good time to buy, but not until bloodshed on the streets and blood on the streets. This is a great time for a long-term investment in Bitcoin, not just a one-off investment.
I’m definitely not selling a serious share of crypto assets now, but it depends on what you buy and how much it costs.
If you can’t wait forever, you’ll have to sell in six months or less or buy and sell. The last time it was four years, we hope it will take less than 2 years (much less) to get your $20k back, but I play with the assumption that it will be bought and sold in a matter of months and not years.