As FUD spreads like wildfire across the cryptocurrency community, there are now many people arguing that we could be in for a multi-year bear market, similar to what occurred in 2013 after the collapse of Mt. Gox.
But is this really possible? And how likely is it to occur? Could we actually be in for a prompt price rebound in the next few weeks?
That's what I'll be addressing in this video.
No one can say for sure but this is def not a good time to be panic selling. Panic buying makes more sense at these levels and especially if we drop down to around $5000 Bitcoin again. That's a Mt. Gox style drop like 2014 where Bitcoin lost 90% of its value in a year. But keep in mind BTC dominance was at 95% then. This is a different crypto world today and we have many projects and more advanced coins available.
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So this could be an opportunity for the rise of another cryptocurrency. Probably bitcoin will lost its dominance. Which cryptocurrency could defeat bitcoin?
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We have seen times like these before, larger drops and ban scare tactics. I personally am not concerned, the technology surrounding this space is the future and nothing can stop it. Another day, another ban.
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I really do not see bitcoin going below 5000.
If it does then I think then I'll start to readjust my opinion but yeah whether it is bear market or not if it drops to 6000 or 5000 I will personally be massively increasing my position over the year!
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Same here my friend
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I think the same governments and credit card companies who are pushing for regulations (important actors of it) invested heavily in Bitcoin futures shorting it. It’s war they want and war they’ll get.
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I think you're absolutely right
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I saw Netflix’ Dirty Money episode on Valeant and it brought an interesting perspective on the business of shorting. Hang in there everyone!
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Im expecting the worst. Im around 100% in profit on my entire portfolio right now. I think I wont see 0%......But Im ready for it. Memes and wine are gonna hold me in these times which separate man from boys.
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Damn right!
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Good video, a more sensible approach than some of the videos you see around, cheers mike
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All cryptos are down a lot. Bitcoin was close to 20k, now 7k. XRP was 3 USD, now 0.80 USD. Ethereum was 1300, now 700. All cryptos suffer. Anyway I do not want to believe that they wont rise again. Everytime I say bitcoin is dead, few weeks later its price even doubles. Plus if the value of bitcoin goes under 5k, I dont think anyone will mine it anymore if it not profitable and therefore bitcoin will die. No?
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Great video @louisthomas. Considering the numerous things that we having going on in the blockchain/digital asset sector of technology, I just don't see how we could have a multi-year bear market. Mind you, we've had the Tether hack, parity wallet hack, and Coincheck hack. I just don't see an extended bear market happening. This is all just a sell-off of digital assets that were WAY overvalued to begin with imo. Yes, there's ALOT of "new" money in here, but there's also ALOT of "new" people in here.
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In my opinion irs unlikely an year long bear market hence my hodling. I do worry about it.
It is also a hard decision if to put or not more money in. Since there are projects so low its unbelievable.
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As Louis said best, Im grateful for the opportunity to build my stack. Couldn't afford to do so in late Nov/ Dec 2017. When theres blood in the streets, buy buy buy
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There will only be 21 million bitcoin and that still hasn’t changed. So many people still don’t even know how to acquire any. Even if the current value is 5k right now, imagine how much it’ll be worth after the next halving in 2020. We are okay! Think long term and HODL!!!!
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Spot on! Think about the price in 2020 not tomorrow.
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I totally agree, I just think is silly that people in cryptoworld believe its some kind of private club in which anyone who hasn't been around that long is a noob,experience traders and investors are the ones spreading FUD which is really stupid, we should be doing the exact opposite.
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Good post ,excelent video.
I will always upvote and comment your post, for me your posts are all interesting.
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In 2013 we had Mt. Gox.
Now, we have India, China, South Korea, and the US. We have exchanging being hacked, closing registrations, the Bitconnect ponzi scheme, the Tether pumping...
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Good conservative analysis. Of course, only God knows the future, but my bet is still in the crypto space rising.
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Is this the start of the crypto "nuclear winter" ? ... , it is possible but I doubt it. The current bear market is probably due to a number of factors such as the effect of gravity on cryptos that were on a parabolic trajectory.
Also don't underestimate the effect of the big financial players / whales that are now operating in this space. They will use futures contracts to instigate many more pump and dump cycles. Of course to do that they will need to make everyone else dump so that at some time in the future they can pump.
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FUD is a bad word...
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You are so right nobody knows for sure, just sorry for those guys who has bought some shitcoins at ATH and pumped price...
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Guyz like me with a small income that bought into crypto late should be thankfull for the opportunity that is given to us buying again at such a low prices! And keep in mind for the long term TECHNOLOGY WILL TRIUMPH!
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Excellent video. I agree that there is so much interest that will continue to drive curiosity and adoption that I don't feel a multi-year bear market will happen. Not to mention the technology. There is no stopping its use so the market will be rebound. For buy and holders, this is a gift.
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