Ok, so on my previous idea, i have stated that we will see a complete bullish reversal on this bearish trend since December. The correction went lower than i expected and even went down as low as 6K. Right now BTC price is going up BUT, be cautious! I personally think there are still a few dips before it can really go full time bullish (chech the stoch RSI which does say its being overbought). see the above chart. In line with my previous idea, I'm still eyeing middle of feb to be the month where we all can sit happily watching the btc price continue to grow. The bullish trend might take some time for it to beat the all time high of 20K. I dont expect it to reach that end of feb but probably Late march or early April.
You mean thay 2.5x price with 1.5 month? It would be record I think, at least what volume it would require to make so fast comeback
VinceCabahug
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@JA.piotr.bor, yeah I believe its possible considering how volatile it is right now. If it can correct more than 50% in 2 months (Dec to Feb) then we can expect price upswings of about the same degree as well though we cant really be sure 100%. If it cant beat it's all time high by end of March, then maybe its safe to say it will still be on a prolonged uptrend during that month.
mmmp12
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@VinceCabahug, or it's just a B-wave aka phony wave of idiots pilling up cash on bearish chart. Bitcoin now is so volatile, which makes me wonder that there is ending fuel to this race. But hey I could wrong. It's actually not tradeable almost, it crush all targets to the downside and now to the upside.
VinceCabahug
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@JA.piotr.bor, yeah good point. well, since the governments are regulating cryptocurrencies, maybe long term we can see more worldwide adoption to it and hopefully will see an increase in the total market cap of all cryptos. If it reaches back to 1 Trillion USD or higher from its current 132 Billion USD market cap, then we can expect all cryptos including BTC to go 2-3x. BTW, that 1 Trillion USD global cryptocurrenct market cap is nothing compared to the ~60 trillion market cap of the stock market. Imagine if by end of 2018 - 2020, if some investors do go into cryptocurrency. boom!
mmmp12
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@VinceCabahug, I imagine. But not with current state of technology, exchanges and unregulation. It's a big field for market manipulators and pump and dump schemes, which is way most alts was so pumped hard, and some wasn't - if you can see, there is imo a big market manipulation going on here not real organicial demand. Why it's still going? Cause pilling cash on this pumps, retaining exchange rates. But as we can see panic is easy to trigger. Now, one more such event, or even worse - and we are going down plummeting. Buying anything here can be a best occasion, but for me it looks like a biggest bull trap, which can be extended to 11K in my lifetime.
And btw - market cap to inflows are the lowest I could think of, in any market is in crypto. Real cash there is 6-8B$, and market cap is 40-80x more. Even when there was less cash, whole crypto scene was less volatile (yes I remember 2015-16), it was just normal, with sometimes bigger swings. But now? It's a shitshow. Any trader can lose here big, if he isn't insider. And imo insiders and some funds are playing with public right now, slowly exitting their positions from december/january, making it even more volatile than it was. But maybe other funds are replacing them? I don't know and don't have a clue. But there is some bigger play going behind the scenes, and whole bull market in this year was more forced, than organical. I can post where with exact dates, where everything started out (and probably some of those entities were accumulating these assets for some time).