Good Morning Coiners.
Another day in the life cycle of Bitcoin. This life cycle is a long one, which from all accounts, is not the first time it has lost more then 70% of its value. Remember 18 December 2017? $20000 for a bitcoin before huge profit taking took place and the price began to drop. All the Anti coiners were laughing saying the bubble had burst, it is all rubbish, how can you create something from nothing......... and the biggest lie of all - My FIAT money is backed by gold what is bitcoin backed by?
Anyway, the drop has continued now for practically 6 months and since the start of the drop, all the biggest pundits have been trying to predict when it will end. As of writting this blog, the price has dropped to a low of $5873 and there seems to be no end in site to the bottom yet. This can however, change in the matter of an hour. A couple of months ago Bitcoin dropped to $6900 and within an hour bounced up $600!!
This is obviously a great time to buy bitcoin and hold as the price is going to increase. Everyone says so, and the charts show that when it hits bottom it will blast off past its most recent highs, could that be past $20000?
There is so much news being published on the web by different crypto websites by both the Bull and bear traders. A quick search will bring up 100s of sites spewing all sorts of FUD and fact, https://www.ccn.com/bitcoin-price-hits-2018-low-at-5825-where-will-it-bottom-out/, https://www.coindesk.com/bitcoin-eyes-bear-revival-after-key-support-breached/,
http://bitcoinist.com/bitcoin-bottom-2500-analyst/
What you need to do is read, digest, consider and decide on what you think will happen. Personally I think there will be a bounce soon, the climb will then be slow, remember the hype around BTC in November which led to a sky rocket in price? I think that investors will be a little bit more conservative with the buying but as demand grows and supply is limited, this is where bitcoin gets its value from afterall, the prices will rise. We should still see a price in excess of $20000 this year but to put a top on it for this year, I really cant say. I am not a trader or a finance person, just a miner who is very supportive of the technology.
One last thing to remember, when the price of bitcoin is low, when you buy your budgetted value now, you get a bigger slice then when you bought at $9, $12 or even $8000. Buying now will pay off in the long run. Mining and collecting bitcoin now will pay off in the long run. You cannot afford to wait to see what happens, you need to take action today. The sooner you start collecting, buying, earning or mining bitcoin the better your chance is of making a huge profit when the market returns.
Have a great sunday everyone. If you want to chat a bit more about bitcoin and the opportunities available get in contact from the contact page or drop me a mail here cirrambitcoin@gmail.com
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