My favorite chart of bitcoin...

in bitcoin •  7 years ago 

"Bitcoin is crashing, it's over, it's never going to go up again, everyone needs to sell!"


(Source: https://twitter.com/maxkeiser/status/908169891466936320)

How many times have we heard this?

To be honest, too many to count.

This is a little embarrassing to admit but...

I will admit I was one of those people who thought just that back in 2012.

At the time, I couldn't believe that people were actually paying money for bitcoin, I thought it was something basically useless and something that would be gone within a few years.

However, those were also the same thoughts I had about it back in 2010 when I first heard about it.

Why I still thought that 2 years later when it was still around and making new highs is beyond me. I basically already had the proof I needed that bitcoin wasn't going anywhere.

When bitcoin crashed in 2012, I said to some of my trader buddies:

"Ah ha! See I knew this was useless, worthless, and good for nothing."

However, after that crash, the resulting price action looked more like that chart above than something that was ready to disappear...

I was forced to eat my words and watch bitcoin go on to make new high after new high until I finally put some skin the game around the $1800 level.

The rest is history.

Now that we have seen similar price action yet again, what should we expect in the future?

There is something to be said about "the past not guaranteeing future results", yes yes I get all of that.

However, what about the saying; "this time is different"?

That is one of the most dangerous and costly phrases ever uttered in finance.

Looking back over the history of bitcoin, every single time bitcoin has had a large crash it has gone on to eventually make new highs.

Every single time.

To expect otherwise, would be akin to saying "yea but this time is different".

It very well might be different this time, but when we have history that expands about 8 years and a trend on our side, I will stick with the trend every single time over "this time is different".

So that means, if you ask me what do I expect to happen from here?

I will say..

"I would expect the same thing to happen every other time bitcoin corrected. It went on to eventually make new highs."

For that reason, I was a buyer of bitcoin yesterday at $10k and I will be a buyer again if it drops back down to or below that level.

Stay informed my friends.

Image Source:

https://twitter.com/maxkeiser/status/908169891466936320

Follow me: @jrcornel

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Hahaha every time is the same...it's like: This is the one! The end is now and then...we all now the story xD

I like to keep it simple. No stress.

Best image i've ever seen in regards to HODL.

and why would it ever be the end anyways..
HODL all the way

The issue is this: bitcoin has managed to make these consecutive ATHs because the exchanges were allowed to operate without much interference, but the regulatory landscape is changing rapidly now, and there's no way to tell how the banks/politicians will begin to act if bitcoin starts sucking up cash away from stocks and bonds.

You see, at some point a clash between the legacy monetary system and cryptos has to happen. I don't believe this is avoidable! In fact, the fight has already begun.

Just look at how many banks are sending nasty letters and closing the accounts of any clients engaged in buying/trading bitcoin.

Agreed and that is really the big trump card in all of this. However, since we can't know what will happen there, all we can go on his past performance and trends, even if there is no guarantee it will work out like that again. Great comment. :)

Yeah, those bastards aren't going to disappear without fighting...

What? Banks are closing the accounts of any clients engaged in buying or trading Bitcoin ? !!!

2017 showed us the potential power of crypto as an alternative form of value. 2018 will show us the lasting power of crypto. If crypto markets can work out how to deal with regulation and convince businesses to adopt the platform, then it will have a good future. If regulators win out and manage to kill cryptos impetus, a lot of people who bought into crypto in the last month or so will have to hard reality to face.

Well said.

Love to see the Lemmings jumping off the cliff. Have always been a contrarian investor. Lemmings always give me a chance for super-normal returns. Jump you Lemmings; jump!

Exactly.
My phone has rang several times on this last pullback.
I keep reminding those that ask me of the chart of bitcoin's journey already shown to them in most cases more than once and it looks......well......it is this chart.

I was also a buyer, but mostly ETH. Trend is bullish. People get scared and they sell. If you made capital gains that is never a mistake, but if you are selling and losing, than this game is probably not for you. Holding and buying on dip is best strategy so far.

ETH has performed very well lately. 💰 I wish I had bought it at $480.

We just need to be patient cause bitcoin has come a long way from the bottom, this is just a small window for some of us to invest, but have all seen its up and down in the past

Can ₿ drop to 7k though? 😶 Do you think?

I have noticed that the media are doing the bitter commercial. The big governments are struggling to destroy the bitcoin at any price. Probably the panic of some is fed by the fake news!

The general public has absoluty no idea what they are doing.
Look at Bitconnect, yesterday looked like that ponzi was collapsing. But apparently. people are still buying that garbage.

Speaking of your second sentence, have a look into who runs Tether and you'll find some interesting information.

Thanks for sharing the chart. It is great ammunition to show the sceptics.
I bought btc in 2013 following Keiser's advice. Sadly, I had 4 bitcoins stolen by the crooks running Mt.Gox. Cest la vie. Since then, I have got back in and I am going to HODL my btc and altcoins. I want to use my coins for real world services. Why would I want to convert then back to fiat currency which is backed by nothing but BS and lies. Keep onto your crypto and wait for the new economic paradigm that is coming.

I thought exactly the same as you did, in 2012... And I thought exactly like you did, in early 2017... But then, one day I wanted to SEND $560 PAYMENT to China, and THAT is when I saw the light. It cost much more to send by Western Union, or Bank wire, than to send by Bitcoin.

And then I thought to myself "if they accept Bitcoin as payment in China, who am I to say that Bitcoin has no value?"

So... now I am convinced that crypto currency is not a pyramid scheme, or a bubble. It definitely is useful.

History repeats itself. The past years has proven mid January is the best time of the year to buy crypto.

200w-2.gif

cryptocurrency have a great potential. bitcoin is digital gold

lol, can't tell if the cart is racing upwards or in free fall back down
I guess that's the point when it comes to trading cryptos xD

How can exist an end for something that has no limits ?
This thoughts about bitcoin reminds me about something like "Cryptocurrency Bible" when there comes the Apocalypse lmao

Funny stuff and true...What do you think of the ICO´s?

Its Going up soon

Here's $20 for supporting Steemit
Just click the link to Join Monetize Coin

https://monetizecoin.com/?ref=5a566f9c2e4cd

Well said👊👍

One thing is for certain. The crypto market place makes assumptions based on days, lol. This is not healthy for anyone.

In times like these one can only wish he could see the future in details. But in reality its all about guts and critical analysis based on previous observations. Yes bitcoin diped in the past and then went on to heights untold such it much is expected of it again.

I invested when it was at $5k, ignoring the skepticism, and I’ve never looked back. Had the thought that it’s a fleeting fad, and promptly ignored it. Glad I did.

Love it Love it Love it.

I agree on that. After this big panic sell off, I expect slow and moderate growth for Altcoins in this January, with Bitcoin mainly pausing. I think new potential investors are very careful right now and unsuccessfully wait for their entry point (=volume coming in on BTC). That is why I also think Altcoins will not pump so hard like weeks ago.

I don't own bitcoin, although I could have and should have, I opted to "wait and watch," on several ridiculous occasions. Much like you, every time I saw the price drop, my first thoughts were..."there goes that bubble, it finally burst," only to find out a few weeks/months later that it had done more than just rebound, it had achieved an "all-time" new high.

I did the same thing with Steemit when it came online. I joined back in August of 2016 as a lark. My boss told me about this "new" kind of social media platform built on the back of a blockchain...wait, isn't that the same thing supporting Bitcoin, I thought to myself...long story short, I signed up, then over the next few weeks I started publishing posts, following certain people, upvoting their posts, etc.

At first I didn't think this would pan out to be profitable. In the early days upvotes didn't earn you much of a reward unless you were swimming around the blow hole of a whale. I eventually stopped coming to the site...at the time my account was valued at approximately $285.00 (not enough to retire early, let alone quit my day job).

After 5-6 months of inactivity, I opened my account to take a look around and see what had changed. The value of my account was the first thing I noticed...I hadn't done anything in the previous 5-6 months...hell, I even closed down my automatic Steem Voter account...and yet my account was now valued at roughly $2,500.00 (WTF happened while I was away).

I started posting content again, nothing regular, and really not with any purpose or motivation behind what I was doing...there's money to be made here, I better get to it...then it happened again...I got busy with the day job and dropped off the Steemit map, as it were.

When I jumped back in here a few weeks ago, my account had ballooned to a little over $15,000...again, with very little activity on my part...the price of Steem was continuing to rise...and I was missing out.

Now, I am in the process of deeply researching every aspect of the Steem blockchain...well, at least the parts that don't require an 8 year degree in Geek Speak...posting, commenting, curating...and I've come to believe that Steem is going to be my Gateway drug to other cryptocurrencies. As soon as I am done with this research, I'll be using Steem to make investments in other crypto markets...with the end game goal of retiring early...like by the end of 2018, or the beginning of 2019...lofty goals to be sure, and I have a ton of work ahead of me...but I shall not be taking a break from Steemit again!!!

I believe after the fall he will rise again...

It’s an endless ride , we just have to hold on honestly

This chart is a work of art. It belongs in The Louvre.

I think its easier to stomach these crashes the longer you've been in crypto, although it sucks to see your portfolio tank 50% its starting to become the norm for me. While everyone else was losing their minds I was sitting there with a smile on my face waiting to buy more.

excellent work dear friend @jrcornel, opportunities arise from adversity, as the saying goes to the river rebinado gain fisherman, I think the frese is ideal for this situation, congratulations and thank you very much for sharing your knowledge.
I wish you a great day

It is crucially important to trade with the trends. Continue buying when everyone sells and selling when everyone buys. Also holding bitcoin is very profitable too.

  ·  7 years ago (edited)

When the financial organizations start talking about something as much as they are now of Crypto coins, it means they are afraid, because they back there words with just assumptions, they don't know what is going to happen and they see this market growing in size almost daily, I don't doubt it will cross the trillion dollar cap in the very close future, so yes, I think crypto is a good choice and yes, banks are worried.

Thanks for sharing this informative post

Hello.I present you my method of earning free crypto:)

Ok so here is my method.I use it and i got good results and i would like to share it with you.

Here are the steps.

1)Make a Coinpot wallet here: https://coinpot.co/

Wy a coinpot wallet? Because it lets you withdraw instantly from the faucets i will be presenting you.On other faucets you need to gain a quantity of cryptocurrency to withdraw.Here you withdraw each 5 minutes DIRECTLY to your wallet.

2)After you have made your wallet with your mail adress you sign up with that mail adress to the websites below.It will sync it with your coinpot wallet so you can withdraw instantly.

1)http://moondash.co.in/?ref=DC57793D5521
2)http://moonliteco.in/?ref=90d465ed45e5
3)http://moondoge.co.in/?ref=816464840b16
4)http://moonbit.co.in/?ref=faa7e72287a6
5)http://bitfun.co/?ref=6017BBA5AB53
6)http://bonusbitcoin.co/?ref=D80270C9BDBC
7)http://moonb.ch/?ref=6B50698012B9
There are 6 faucets.Each you can claim at 5 minutes.If you do this everyday you would be surprised how many coins you would get

If i helped you leave and upvote and follow my channel.I follow back:)

What usually takes weeks or months in the regular stock market gets compressed into hours and days here. All of which is thrilling, but at times can be stressful. The ability for hedge funds and other big players to manipulate the market with speculation is always going to happen. To the average person, crypto is magic and they fall victim to the newness and as soon as they see red, they think of how dumb they were to try this magic and sell...just what the big players wanted. All I say is, buy low, and HODL. Do you venture into alts at all?

ALT coins are the future,,,, money coins are boring.... VeChain,,, RentBurry,,,, EOS,, IOTA,,, COB,,,, are game changers of the future

Potentially and no doubt one or two will be huge. But just like starting a regular company, most fail (over 90%) even with funding, good team, etc and after another 5 years, 90% of that number are gone. Based on the five coins your just listed...low probability those are the ones that will be around 10 years from now. Fingers crossed that they are for you tho! I'm most excited about BAT at the moment.

Exactly, that's why one needs a well diversified portfolio built up over time to reflect many industries (preferably in the Decentralized Spirit)... and that is why "money coins" (Bitcoin, Litecoin, Ripple, Monero, Zcash XVG, BTC, BTG, etc etc) will at some point not be necessary or practical,,, you'll go to buy a car with CAR coin and they will accept your HOTEL token to purchase the CAR tokens with,,, etc,,, there will be no need for "general money" -- tokens will be by industry or service.... JMHO

It always surprises me how many people still doubt this currency and technology! The higher it gets, the more they dislike it. Especially if it dips like we have seen this month, they are quick to pull the "I told you so" even after it jumps back up.

It's a new breed of investment that people do not fully understand and will be very dynamic for many more years.

...BTC will definitely rise up, its not the end of cryptocurrency like btc.

saludos si gustas me puedes apoyar en mi blog U5dspeHbWqKhxK1h4VJwS2QXQ5LxsVg.gif

I definitely think we will see new highs in the near future

It's not a financial advice but I think etherium will one day overtake bitcoin, and that might be verry soon.
And yes I was too one of those who were saying bitcoin will crash but now I'm not sure what to think anyomore xD

ups and downs bitcoin I do not care, says the saying "enjoy today because tomorrow is uncertain"

Interesting enough I almost always see this chart being thrown around. There is though one condition where required for this chart to work and that is volume and interest. Without hype or additional info being spread to incur interest in Bitcoin, the next wave up will take a while.

A couple of days ago I was on a live YouTube channel and we were watching the price of Bitcoin fall. It was amazing watching everyone scream.....

SELL

SELL

SELL

The sky is falling!

The sky is falling!

These people were never meant to be astronauts nor will they ever see the surface of the Moon.

1 word: HODL.

Tether was created when, is controlled by who, is staffed by whom, and prices really started ramping up at which point in time? The real answers to the big play at hand.

Tether another Banksters coin like ripple ?

https://medium.com/search?q=tether

It's its own beast, and it's going to have more damaging effects on the market in the future.

Great graphic, I think we all know a fair share of people who have that mindest!

I think that there is a very clear trend based on previous dips - that being said, the market is changing a lot due to more and more people getting in to cryptocurrencies and I'm not sure how this well affect the market. I think that we have a bright future ahead for the overall market, but that only the strong coins with a real USP and community will prosper towards the end of 2018.

Thanks for the post!

That was me. I did that 0630 am at 12 noon. I was soo pissed off.

It does look like a spring board!

This is fantastic, and entirely my experience. Crypto goes from euphoria to panic in the tick of a clock.

Congratulations @jrcornel, this post is the second most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 28 and the total pending payments to posts in these categories was $2012.45. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

everyone love this if it is increasing like this,

When do you expect a dip to 7 or 8k if at all?

One another thing to comment welth and prosperity always goes against the crowd. It doesnt like many people it only select the strong like the bee's. Go against the mob.

This first picture reminds me of when I bought and sold crypto currencies...but just inverted XD

Do u know that feeling when you think this coin is gonna rise soo much! At the moment when buy it it goes down and down and finally it goes back up but at this moment you already sold...
That's life

Lol this is so true though. Omg sell all your coins it's crashing