Chinabong
The only question in the cryptocurrency space now is: “Is this the pinnacle or is there more to come?”
Most people who think it has more to go in this cycle expect Bitcoin to reach $120,000, which is an intuitive level, and of course… There are still those who believe in $1,000,000 worth of Bitcoin, and every bullish level in between.
The crypto top here and now points to a return to $30,000 levels or lower.
As such, this is a crucial decision if you are on either side of the bull/bear cryptocurrency debate. You can see it like this:
ADVFN
I admit I prefer another leg, but the market doesn’t care what I think, and we should all be left to weigh the pros and cons.
What has pushed cryptocurrencies to this point, without a doubt, is “retail” or rather non-institutional interest. One of the big bull cases is Adoption by “institutions” will cause cryptocurrency prices to skyrocket.
As a side note, the “institutions” and rogue corporations that unfortunately plague cryptocurrencies should not be confused, but with the likes of well-established regulated entities that were in the financial services space long before new companies emerged to prey on retail cryptocurrency traders making gold. He rushed to the coins and tokens. “Institutions” are pillars of the financial system, not slippery corporations, and they provide a channel for crypto expansion.
The right institutions have arrived, and US ETFs are here. ETFs aim to significantly expand the market and create the next phase.
You may get.
but….
Below is a realistic Google Care graph.
Google Trends
This is a Google Trends indicator that clearly shows the dwindling interest in the high street. The bottom line is that the “institutions” only exist to “serve” Main Street, and will only play if there is a lot of money for them.
Cryptocurrencies have exploded due to many factors, so here are some to consider:
- Novelty: All primitive or earth-shattering developments get a boost from their initial novelty
- Accessibility: Trading with instant access; No KYC/AML, bank account or personal details needed
- Fun: The free-for-all game is fun until you hurt yourself
- Profit opportunities are 10x, 100x, 1000x
- Aggressive promotion; Illegal for almost any other product or category, let alone financial services
- A group of young crypto celebrities – frontier outlaws – are lighting up the scene
- The daily emergence of new things out of nowhere promises something revolutionary
- Crypto’s dramatic overall financial and political status is lawlessness
- Untraceable
- An unrestricted outlet for gambling
- fashion
- Ironic that young people take a look
- cross borders
There are more, but the above have one thing in common: they are all lower, go or go.
To me, this is the main bearish case: cryptocurrencies are tired and not wired.
What about the condition of the bull? After all, am I tall?
Opinions are like navels, everyone has one, and a few of them are useful. So let’s follow the old trader’s advice of “Trade what you see, not what you think.”
This is what I see:
ADVFN
Bitcoin is in a range waiting to be requoted. It is not a case of waiting for the price to balance, we are there, it is just a matter of waiting and judging for the breakout either way. Ethereum is in the same state, and has a clear way of ruling, at least if we are in the new moon phase.
ADVFN
It’s easy to be a naysayer, but I see strong arguments for moving pricing back up. After that I have no say.
To anyone asking if Bitcoin will be worth $1,000,000, I say, “Sure it’s no problem if a pint of beer becomes $1,000.”
Furthermore, I believe that cryptocurrencies will rotate after the end of this cycle and will present a whole new set of opportunities outside of currency. As such, I view this cycle – or perhaps the next cycle – as representing a dramatic change, so after the cycle is complete, this is where I will look for the next set of profits.
In the meantime, I am still long enough to say that I think another move higher is more likely than falling into a new crypto winter.
