I have been watching Bitcoin since it was at 50 cents. I have bought, sold, mined, traded and have used it for payments. Just wish I bought in on it sub $200, but everyone probably has a similar story to tell. I have been a big supporter of Bitcoin and understand why it won't be replaced with other cryptos, even if they function better. It's to do with established trust, confidence and convenience. Just for an example if I was to put an iPhone into the hands of every person on earth but then after they were accustomed to it try and sell them a Samsung running Android the resistance would be futile, even if it could be proven it was cheaper, faster and more versitile. How hard would it be to shift an entire community of users onto a foreign platform using only the incentivisation of a better product? It's near impossible.
However, as big a supporter I am, I feel the days of high priced cryptos are numbered. Many similarities can be drawn between the "investment" methodology in cryptos to that of the dot com bubble. Block chain to me is about as big a deal as the Internet first was (I remember the pre-Internet days, bouncing around on dial up bulletin boards). But the aftermath of the dot com crash did not see an end to the Internet, far from it. It just saw an end to the speculating in an over priced market, a market where sentiment was that people were "getting in" on a new technology by simply buying up overpriced investments. Likewise people with no idea how a block chain works and what its capable of are buying up cryptos now. This wild ride will end and the value of these coins will likely never reach a fraction of their highs again.
So have I turned from Bull to Bear? Well not yet. But looking at the charts, history and human psychology, I think time wise we are right near the end of it. I give Bitcoin one last leg up, then it's all over. The next run up will start once it has broken $5,000 and then retest it for support and then breaks $6,000. From there I'm predicting a massive last final push that will drive it to somewhere between $50,000 - $1,000,000 before crashing. This last move will see even the most cautious investor and even the biggest critic's caught up in the hype.
Just think ever person in the world with access to the internet "getting rich" by buying in on an "investment" that is limited in supply, trades 24/7, has little to no government oversight, little to no regulation and no executives leaching stock options out of it. We are at the stage right now where the main stream is aware and mass psychology is forming, this is why I predict the next break out will be the final one, this last move will exhaust all new potential investors.
What will follow after the big "Crypto Crash of 2018" likely a ton of diverted capital re-entering the precious metals market again. The end to the crypto bubble will see the start of the next metal run up.
However, as big a supporter I am, I feel the days of high priced cryptos are numbered. Many similarities can be drawn between the "investment" methodology in cryptos to that of the dot com bubble. Block chain to me is about as big a deal as the Internet first was (I remember the pre-Internet days, bouncing around on dial up bulletin boards). But the aftermath of the dot com crash did not see an end to the Internet, far from it. It just saw an end to the speculating in an over priced market, a market where sentiment was that people were "getting in" on a new technology by simply buying up overpriced investments. Likewise people with no idea how a block chain works and what its capable of are buying up cryptos now. This wild ride will end and the value of these coins will likely never reach a fraction of their highs again.
So have I turned from Bull to Bear? Well not yet. But looking at the charts, history and human psychology, I think time wise we are right near the end of it. I give Bitcoin one last leg up, then it's all over. The next run up will start once it has broken $5,000 and then retest it for support and then breaks $6,000. From there I'm predicting a massive last final push that will drive it to somewhere between $50,000 - $1,000,000 before crashing. This last move will see even the most cautious investor and even the biggest critic's caught up in the hype.
Just think ever person in the world with access to the internet "getting rich" by buying in on an "investment" that is limited in supply, trades 24/7, has little to no government oversight, little to no regulation and no executives leaching stock options out of it. We are at the stage right now where the main stream is aware and mass psychology is forming, this is why I predict the next break out will be the final one, this last move will exhaust all new potential investors.
What will follow after the big "Crypto Crash of 2018" likely a ton of diverted capital re-entering the precious metals market again. The end to the crypto bubble will see the start of the next metal run up.
