At least if Bitcoin were to follow a similar pattern to what we saw with Amazon and the dotcom bubble in the late 90's and early 2000's.
Bloomberg came out with a chart where they overlayed the chart of bitcoin over the chart of Amazon during the tech bubble.
The claim is that the current mania we are experiencing is very similar to what happened back in the late 90's with the internet and internet stocks.
The chart being referenced can be seen here:
(Source: https://twitter.com/business/status/963554149366460417)
Their worst case scenario not all that bad?
While that may sound like terrible news, that also means they are calling for bitcoin to not only break $20k, but after the initial break, they are calling for a pullback and then ultimately a higher high from there.
Which would mean that $25k bitcoin this year would very much be on the table.
Which just so happens to be the same number that Tom Lee has been calling for this year.
It would be interesting if both could turn out to be correct.
Overall, their call doesn't sound all that outlandish to me.
Yes blockchain technology is revolutionary and yes it is here to stay, but that doesn't mean bitcoin is.
That is part of the problem with this entire space, picking the right winners takes a little bit of skill and a whole lot of luck.
Researchers from Microsoft declared that the eventual winners in the blockchain space will likely be the ones that effectively integrate off-chain solutions, similar to what bitcoin has been trying to do with the lightning network.
Their conclusion was that in order to scale to the kinds of numbers and transactions that would make them able to compete with today's standards, it would have to be done via off chain solutions.
A lot left to be decided?
Which, if that is the case, the blockchains that we see right now in their current forms are a long ways off from what is going to be needed to effectively replace current business practices.
Which means, bitcoin could eventually be worth $25k+ or $1k, or possibly both within a few months of each other. :)
Happy trading/investing.
Stay informed my friends.
Follow me: @jrcornel
I like the $25,000 scenario way better than the $1,000. Steem on!
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what anyone needs to ask himself is just a very simple question though. How much cash you would be tunneling into Bitcoin if Bitcoin was to get at 1000 dollars now. That will give you a rough estimation of its possible floor price.
I would personally buy all my fiat into it in that case scenario, but there would be a problem and it comes down to Bitcoins core principle its scarcity wouldn't allow me to accomulate that much never again and deep inside you all know this already. It is a competition for all crypto traders since the least amount of bitcoins you will ever need to be in the crypto game is 1 and that's it.
I don't see bitcoin retracing back to that for like ever.
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I think BTC can go as low as 5k ..but def. not 1k. The dot-com bubble and Bitcoin are similar in the sense of "bubbles" ... but dot-com bubble burst after four trillion dollars of total market cap ... the cryptos haven't even hit near 1 trillion yet.
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No chance for 1.000$. With that price all crypto market would collapse...
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Truth is, nobody knows.
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for sure all the big players which dominate the capitalisation exactly knows
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Interesting. I havent seen this graph before. If this were the case and btc made $25k this year, followed by $1k a lot of people would lose their shirts. One of the biggest issues at present is that bitcoin moves all other cryptos. It goes up and so do the vast majority of Alts. If this continues and btc goes to $1k then many Alts will be worth pennies. This would help clear out the rubbish but would be painful to watch.
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Bitcoin is evil and worthless. I hate it! Regards Charles Mongo.
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Seriously?
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I think evil is holding this earth. 99.9999999999999% people are addicted to evil and all say evil kingdom is good.
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Addicted to evil...?
Must be terrible to think that 99,99999999% of all people are evil. Only you who's not evil?
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We would GIVE you Compensation SBD of each Contest Post that you Upvote.
We are looking for a Sponsor of our contests by Upvoting whatever contest that you would like. @revelationquotes
A sample contest is (contest winners receive 50% SBD):
https://steemit.com/steem/@revelationquotes/the-cryptocurrency-challenge-bitcoin-or-date-16-feb-2018-or-win-50-sbd
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I don't think BTC will crash to $1k again ever.
Disclaimer: This is not financial advice
Personally, I think it has gine through the roughest parts of the sea for a couple of months. Maybe even 6months (Unless lf course one of these Asian countries decide to create another serious FUD around blockchains and Cryptocurrencies)
$1k is a very very bold prediction. Bitcoin will always be used as a store of value. Always.
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Hmm I agree! In long term Bitcoin won't hold current value. If you compare it to nearly every other Cryptocurrency out there it really lacks in transfer costs and confirmation speed. I really do not see Bitcoin on top of the list (market capitalization wise) at the end of 2018. Especially for services needing micro-transactions other blockchain technologies will take Bitcoin from its throne.
Although I do not see it retracing as low as $1K USD. It is and will always be the first thing popping in someones mind when talking about Cryptocurrencies or the Blockchain technology.
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Yes I agree, but what about if the lightning network is implemented and then bitcoin is able to do what every other crypto can do, only faster and cheaper?
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The lightning network sounds great but won’t solve all problems. My understanding is that it’s effectively a point to point ledger that tracks transactions between 2 (or more) participants and only settles on the btc chain when they request it. This is great for transactions between 2 or more participants who regularly trade between them but is useless for one off transactions. I have t seen anything that shows how many transactions this will take off the chain.
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Hasn't the lightning network been implemented already with a lot of nodes already launched?
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That of course would change everything. But then, in this scenario, the graph above would look very different, in my opinion!
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Haha yes, that very well could be the case.
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Bitcoin will always have relevance in the crypto space and as long as the overall marketcap goes up, bitcoin will go up with it. But this is the year of the alt coins though
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Here Here!
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Trying to pick a winner, that is the hardest thing in the world !!
My pick is STEEM xD but i think we are all kinda biased
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Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
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This is very informative analysis. The developer of Bitcoin quoted in the Natoshi Institute comments:
“I’m sure that in 20 years there will either be very large transaction volume or no volume.” (February 14, 2010)
https://steemit.com/bitcoin/@mineopoly/daily-groovy-satoshi-nakamoto-quote-sorry-to-be-a-wet-blanket
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Nice article! many things i do agree with however i don't believe bitcoin will go that low if not for a very good reason but of course that could happen it is crypto after all. If bitcoin goes to 1k however i believe it would be the end for it, sadly. Therefor i do not see it going there unless something majorly bad happens to it. However the highs i totally see happening shortly and there might be a retrace but to 1k is a bit harsh i believe. Thanks for the upload!
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the BULL run has started. all aboard or miss out your choice
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bitcoins may be better for someone and the bad luck alsoo but thank u soo muxh for sharing the information man 😍😍
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muy interesante
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update
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Damn retrace to 1k? wouldnt that be somthing
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It'll be very interesting to see BTC go towards 20k again. I think a lot of people are aware of the crazy volatility and swings this market can make. I guess there'll be a lot of people who are gonna take profits around 20k and wait for the next crash to happen... And then it could be a possible scenario like this where the lows get lower and the highs get higher, until the masses lose their trust in a 4th, 5th, 6th... bullrun. Fascinating times ahead of us for sure :)
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It’s a very interesting possibility. I think that most people look at Bitcoin as the pioneer and the powerhouse that drives the blockchain. The guaranteed low supply also makes the demand higher and therefore people assume high price. What if though? As we all say Bitcoin is the pioneer and the standard but there is new tech coming out all the time and whose to say Bitcoin doesn’t become obsolete. It’s already becoming slower and more expensive to transact with. I personally think it will always have a value due to the nostalgia and perseved scarcity. Kind of like Gold.
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Lightning network can be a game changer for Bitcoin and allow instant and scalable true micro transactions with very low fees. ps. if you zoom out the Amazon chart, Amazon is now much more valuable than it was after the dotcom bubble.
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Not happening. Bitcoin is just at the beginning of mass adoption. Lots of new money pouring every day. Can't go bear for too long, at least in the middle term (3+ years)
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I still wonder why the weight of all other Altcoins rest on BTC...Very Volatile
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I mean it is a market like all the others, so it will go down after the WOW phase passes...
In the meanwhile we have some great years to see BTC and cryptocurrencies make a revolution in the world, and with that lot´s of money to be made.
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I don't see Bitcoin at 1.000$. Sure it's possible but highly unlikely. But I can definitely see it at 50.000 $ at the end of 2018.
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thanks for sharing it
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Why on earth are people prancing about with excitement at the hope of $25K?
That is bugger all - I sold all mine for $17k and unless it goes over $170k that won't be a 10 fold increase from December- I don't prance until I'm over 10 fold!
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I could not agree more about Bitcoin possibly being very overvalued, and many others digital currencies being extremely undervalued.
The global derivatives markets are worth something like $1.2 quadrillion and that is probably conservative ( and a quadrillion is 1,000,000,000,000,000 )
To say the cryptocurrency markets are in their infancy is reasonable. This isn't 1999 again, but more like 1994.
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It is so volatile that it can go to 1k and the next day be back to 5k or higher.Just hang on for the ride....😎👍👏👏👏🎉 great post upvoted and resteemed.
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anything is possible, but I am calling bullish.
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Thanks! Very interesting comparison even though they are comparing apples and oranges! Not surprising that fiat billionaires don't have nice things to say about Bitcoin...
Bloomberg - Dimon - Buffet
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While I agree that they are apples and oranges, I would say that the internet bubble and what happened with internet stocks actually seems very similar to what we are seeing currently with cryptocurrencies. The only question I have is, is this 1997 or late 1999?
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Early stages. We're definitely at 1997 😂😂😂
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Hmm...It is similar but I think with the opposition from the establishment and with a greater lack of understanding in general the timeline is going to be different. The one thing that is certain is that because its decentralized it cannot be stopped.
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I think that a lot of people are missing the correlation between the crypto currencies and the overall market. The markets around the world have been rising and cryptos along with it. When the markets corrected over the past couple weeks cryptos corrected with it. The clues as to the next move in the crypto currencies can be found by watching the global indexes. The current market seems to be trending higher so cryptos will be following along. However, I think that we're going to see increasing volatility before the next major down move so I would be very cautious.
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Agreed. Overall, bitcoin has something like a +.1 correlation with the US stock markets. Which is not very high, but recently, that correlation has been much stronger.
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yes, as @austinhopper state, "Truth is, nobody knows." It is funny how there are so many predictions. Some of the ones I have seen that do have logic behind them is that we might be looking for at a 4-6,000 BTC price sooner rather than later since there is not much long term support for a big "sustaining" rally to new heights. The problem is, "nobody knows."
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Bitcoin is Finite - Only 21 million - 4 million already lost / misplaced so scarcity will rule this space. Get 1 BTC hodl it like a baby...but do diversify.
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Stocks and crypto are two different things. There is only a limited supply of Bitcoin. I think Gold might be a better comparison. But i guess no one knows at this point.
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Well I am looking every morning at the blockfolio and hope that tomorrow will be a better day :D Patiently waiting for +25k
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Agree that the price action looks so similar to the dotcom bubble but given the opportunity that blockchain has to innovative various industries and economies, there will be many winners that get out much better than they are today.
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But you can always find similar curves somehow isn't it? Well too difficult for me 😆
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Bitcoin will hit 100 000 $ in 2018?
Posts like this are useless
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It is not surprising to see the adverse opinions of the billionaires!!!
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If this really happens, suicide hotline needs to be ready. I'm not even kidding, don't invest more than you can lose.
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Hmmmmm not sure. Shares and crypto are different asset classes and it's not a good idea to compare it. Crypt is already in use. You've just been paid $216. It's a new medium!
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I sure hope BTC does NOT retrace that far down. Most likely this will drag down the Altcoins.
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Awesome post! I invite you to visit our blog and vote us back! And of course to enjoy our content :)
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interesting .... would hate to see a 1k retrace though ... since I'm holding for the long haul. But definitely possible .. thanks for bringing this to my attention might consider selling at an ATH ..
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To be honest, I don't believe in such a close parallel between cryptocurrencies (bitcoin) and internet / dot com historical prices. If that were true, everybody would know what follows and that's not how market price is set. Who would be crazy to bet against the certain course? If up to a point it were to be a parallel, at some point, it will be broken, otherwise there will be no one on the other side of the orders, so they can be executed.
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Yes that is true, though there is something to be said about manias and bubbles. They do tend to follow very similar patterns, though never EXCATLY the same. While blockchain tech is very much here to stay, just like the internet was, there is a lot of value being given to projects that likely won't ever produce any value at all, in the same way that many of the internet stocks got bid way up back in the late 90's. Eventually there will be a reckoning of sorts that separates the wheat from the chaff.
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Im curious on how does bit coin rates rises? Does the rate depends on the demand?
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If bitcoin goes to 1000, then imagine how much the alts cost hahaha.
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Nice information bro :)
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