A few hours ago I posted about how Bitcoin was about to hit $5000 USD. Well on some sites, it hit $5000, others it hit $4975 and stopped. Either way, people are selling off... and fast!
Bitcoin is now sitting around $4638 just a few hours after hitting the peak.
Firstly, do not panic and unless you want to take a bunch of profit, HODL!
Secondly, I can't help but feel the $5000 USD mark is arbitrary.
We don't start selling off our fiat when it reaches a certain amount of Satoshis. We have to as Bitcoin lovers stop basing things on arbitrary US fiat numbers. $5000 USD is $6198 CAD (that's Canadian fiat). It's 3860 Pounds. It's 551345 Japanese Yen.
Again, who cares?
$5000 is just an imaginary landmark. A make belief pinnacle that we as people who've moved away from the central banking system should understand.
My point is this... Bitcoin will continue to climb to the sky as I mentioned in my previous post. It will also correct many times on the way to the top, again as I mentioned many previous times. By fundamentals we will see both of these events take place. But we HAVE to stop basing it on other fiat currencies as the fiat empire comes falling down.
We are watching the dollar crash and burn at a very slow rate. The fundamentals in the fiat system are off the table due to the level of manipulation, so we can't put a date on it but we know it's going to happen. With the debt ceiling decision coming up on the 29th of September in the United States, there's a good chance we will see the brakes fail. Not to mention the countless swaps away from the US world reserve currency throughout the world. The faith is quickly lost and a lot of that (thank God) is due to Bitcoin.
At the same time as this, the stock market is ready to come crashing down. We are seeing the EXACT same trends we've seen before every stock crash in history. Yeah, it all looks great to those who haven't studied history but it's about to blow sky high and not in the same way as Bitcoin. We are about to see the chains come loose and an EPIC fall to the bottom of a pit of debt.
All of this is happening while people flood the commodities markets. Gold and silver are rising despite the vast manipulation and ETFs. Bitcoin is rising alongside many other altcoins as people flood the market and pull out of the stock market. As I mentioned in my previous post, 30 billion dollars was pulled out of US stocks by investors in the past 10 weeks alone! This is all good news for the crypto and precious metals market as the system comes crashing down.
So DON'T panic! Bitcoin will likely hit $7500 USD by the end of the year easily. By the year 2020 as I've so often mentioned, at the 7 year daily average rate of growth, Bitcoin should hit $250k!
So the point of this rambling post which I'm writing as I sit here at 1:15am local time is... Keep calm and HODL. You won't regret it. As I said before, TO THE MOON! ;)
The economic turmoil will benefit the Bitcoin. Corrections in the market are inevitable and we do not know yet whether it is a correction or the bitcoin will further go up before correcting, time will tell us. Gold and Silver are treated as safe heaven and bitcoin have overtaken them as a safe heaven providing high returns with less risk. In stock market, if we study the history, there have been stock market crashes after every 8 years and since 2009 8 years have passed so we will soon see a crash the signs of which have started to come to light like interest rate hike etc. So from all of this bitcoin will get a huge benefit even it it sees correction at $5000. so do not panic and hold your bitcoins
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it means it's waiting for us to get on board
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good on you - i agree and i hold as it doesn't matter the price today except i want to buy a little more in a few days -- if it low then , that is my good karma and if it high then , my previous investments are doing well - so it good whatever i just keep buying more
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While I agree with your long term views, I think it makes sense to wait for a pullback to add to positions.
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Enjoyed the post. The transfer of wealth is getting more obvious as Bitcoin goes higher. Its definitely gonna be a wild ride especially going into 2018. Diversification with crypto, PM's, and other essential preps will be necessary for survival.
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I agree 100%! Diversification is incredibly important.
Too many hate gold and love Bitcoin, or hate Bitcoin and love both. People should instead stick to diversification between gold, silver, Bitcoin and guns. lol My opinion anyways. ;)
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I am right there with you. By they way I am thinking to dump more BRL into BTC, but will the price get any better to get in again!
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5000 is just a number but obviously the psychology of it had people who planned on taking profits when it hit 5000. But I will continue to hodl even if this turns bearish!
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The dip is now stabilizing so the selloff is easing somewhat. :)
And I know, it's definitely all psychological, I just think it's dumb when it comes to assets and currency.
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Surely this is an unbelievable milestone crossed, but probably is not making any difference to one way or another... For me the most interesting news on the crypto currencies at the moment is the plans of Estonia 🇪🇪 to launch their own crypto currency backed by the government, what you think about that @joshsigurdson?
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If it's backed by the government, it's not a cryptocurrency. But I know a lot of centrally planned cashless societies are popping up and these should be seen as nothing more than the enemy of free humanity. Stick to that which is not backed by anything else but scarcity and demand. :)
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Alright, I didnt know this. Thanks for the advise dude, much appreciated!
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Same as such thing called "European coin", isn't it? Who would do this right now?
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Too cool. So legit!
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That's probably my favorite Bitcoin meme. I guess partly because I like that original (not sequels) Matrix movie so much.
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Haha Thanks guys! :D
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I think BTC going to 5000$,now real sale price) may be tomorrow new high?It great opportunity don't lose it, on bitmex you can trade bitcoin contract features a high leverage of up to 100x.Users who have signed up with my affiliate link will receive a 10% fee discount, -0.025% (Maker) 0.075% (Taker).
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It was certainly a good time for day traders to take profits and buy back a little cheaper! An easy trade for traders lol
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It is interesting is n't it? On the front of the 1988 copy of the economist, a Rothschild publication, they predict a World currency back by Gold on the picture a 2018 gold medallion around the neck of a phoenix...
I makes me wonder; I think one thing is guaranteed is instability which as you say will be good for Cryptos and Gold - PM's.
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The last minor correction dropped us down to $3600 but we recovered almost overnight!
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It seems that every time bitcoin hits a new all time high and makes a correction that it always finds good support before rising again. I'm exited to see bitcoin at $7500 at the end of the year!
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Bitcoin is the Starbucks of the cryptocurrency world... Intended for the masses.
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Great!
Bitcoin Begins To Pull Back After Hitting $5000 USD - What This Means
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It means nothing. It means you wait and see it will crush $5000 this weekend. Probably today or tomorrow. There is no stopping Bitcoin. Don't you see?
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I don't think the rally will continue this weekend... a breather is overdue and USA has a three day banking holiday. Next week could be different. And consider that a possibly Bitcoin-friendly SEC appointee is now in charge of ETFs.... strap on your moon helmets and BTFD!
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Enjoy the ride.
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reat post , I agree with what you write, it's very interesting, thanks for sharing that information , I follow you, we must support ourselves as a community, I appreciate it if you I would give me a look at my last post and give me your opinion, greetings and success in everything
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Good points @joshsigurdson . There is NOTHING right now that will keep Bitcoin in particular, but the entire crypto market down. Except for a few big traders and some loser weak hands, like we see today because btc hit like you say some imaginary 5000$ mark. What does that even mean? I disown Fiat currency and the dollar. It is not relevant.
BUT..unfortunately, people are no less confused in this crypto space than in any other space. Yes, theres probably more smart people into cryptos than in the general public. But that doesnt mean 80% are not confused. Just look at most "anarchists", even here on Steemit. When I first got here, I thought; "Ah, finally! This is John Galts freedomworld" Nope. 80% of anarchists are communists and statist.
So, it takes a long time for those old dogmas to break. But each time BTC just farts in the face of $3000, $5000 and $10.000, people expect it to do the same with $50.000 and $500.000 and 1$mill. And thats what the free market it about. We decide what has value and why.
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People who think Bitcoin's price is immune to mannipulation don't know how price mannipulation works. In a digital market, the same entity can buy and sell the same asset back and forth, each time increasing the price and therefore causing the price to bubble up while selling some to "suckers."
Who are the suckers? Suckers are naiive or greedy traders who buy during the bubble. The mannipulators try to sell as much as they can while artificially bubbling the price and when they're done, price will correct.
Great post BTW. You got my vote + resteem ;]
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I totally agree. Now it's important not to panic and not to sell bitcoin at a low price.
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No asset every goes straight up!
When an asset is strong (like bitcoin) it will rise over time, and dip occasionally as people take profits and short-sellers shake out. The overall trend is what matters. Don't get too wrapped up in short term spikes or downfalls!
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This really awesome news for the crypto world.
I read a few days ago that the Moscow Stock Exchange will be including Bitcoin in the stock market!
Bitcoin All the way Up.
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Great piece. Would certainly hope BTC is at 7500 by EOY. I would be happier with steady increase of altcoins though. Ones that offer better technology or that help getting others access the crypto market easily. Anyway, hope you got some sleep after staying up late ;)
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Fair enough!
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Nice post i know all of that and keep telling to the peope but they are all stubborn, don't wan't to listen have cognitive dissonance
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Markets never go in a straight line and Bitcoin has been on a pretty good run. A pullback was due and the market has to decide where it is going to turn. $5000 was talked about a lot so it is a logical place. This is the way markets function - they turn sentiment at key support and resistance zones which are determined by market mass-psychology. It is self-reinforcing. If enough people believe the rally will stop at $5000....then it will.
Ask yourself this - Why shouldn't $5000 USD be a good place for the market to take a breath? It's a nice round number. USD is the current reserve currency of the world. You ignore these facts at your own expense.
PS - I agree with just about everything else you wrote :)
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Exaclty what I predicted
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