A longer term look at probable price activity
Diupdate
Hello!
It is not a secret that we are in a stronger downtrend, however a good trader can make something out of it no matter what direction the sentiment is. So here i am presenting my probable future price action of Bitcoin at its current stage, i see no fundamental reason for it going on bull trend currently so this is based on with a "bearish" outlook with possible up & down moves.
With all the uncertainty around the world; countries in economical crisis (Turkey, Venezuela): citizens turning to invest in btc to hedge the plummeting value of their native currency we do see some volume coming in but it is not enough to change the major sentiment, regulatory issues where SEC, other governments are hammering cryptocurrencies to the cross because;
Other reasons (non-gov related)
and the list goes on, all of this affects the trust of cryptocurrencies in general and since the fundamentals of a currency is trust it also affects its value.
I'm not saying everything is going to the trash, what i am saying is that with everything happening around us the dominant currency is going to take most of the hits while other currencies with true foundations & values will gain its real value when they are well developed and the vaporware will dissapear turning attention to the real projects just like in the dot-com bubble.
If a project doesn't have a working project/service at this current moment, don't expect it to have any future value, re-read my statement about the fundamental of a currency.
It is not a secret that we are in a stronger downtrend, however a good trader can make something out of it no matter what direction the sentiment is. So here i am presenting my probable future price action of Bitcoin at its current stage, i see no fundamental reason for it going on bull trend currently so this is based on with a "bearish" outlook with possible up & down moves.
With all the uncertainty around the world; countries in economical crisis (Turkey, Venezuela): citizens turning to invest in btc to hedge the plummeting value of their native currency we do see some volume coming in but it is not enough to change the major sentiment, regulatory issues where SEC, other governments are hammering cryptocurrencies to the cross because;
- (A) Major Institutions are looking to get in at as low of a prize as possible to maximize their utility because when you move large volumes every penny counts
- (B) Lack of control as in fear of losing native currency value
- (C) Lack of understanding what cryptocurrencies can solve (acceptance going to take longer because have to take out the old generation and elect the new who is well oriented in the current day trends)
- (D) Less centralization; less enforcing of anti money laundering & black market issues.
- (E) Market is manipulated (point A)
Other reasons (non-gov related)
- (F) Lack of "fresh money flow" into the market (however a lot of new gateways are being built coming in the coming quarters as; Dent Exchange for example).
- (G) Embracement of blockchain but not cryptocurrencies (purge of non-utilitarian currencies)
- (H) Young market
- (I) ETF hype
- (J) ICO Scams
- (K) Hacking of major exchanges
and the list goes on, all of this affects the trust of cryptocurrencies in general and since the fundamentals of a currency is trust it also affects its value.
I'm not saying everything is going to the trash, what i am saying is that with everything happening around us the dominant currency is going to take most of the hits while other currencies with true foundations & values will gain its real value when they are well developed and the vaporware will dissapear turning attention to the real projects just like in the dot-com bubble.
If a project doesn't have a working project/service at this current moment, don't expect it to have any future value, re-read my statement about the fundamental of a currency.
Catatan
bumpCatatan
Forecast holding up so far :)
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