Over the last few months, I have been occasionally checking with the sentiment around Bitcoin. After watching various 'technical analysis' videos and reading a number of articles the question I'm left asking myself is;
Are there any genuine Bitcoin bears left?
Every 'bearish' sentiment seems to be caveated; the bitcoin price will go down... BEFORE going up to reach new all-time highs.
Very few people (save those like Nouriel Roubini who believe cryptocurrency has on value) believe, over the medium to long term, Bitcoin is over-valued.
It's all talk of whether there will be a correction or whether Bitcoin has bottomed, before taking off. I'm not sure when this quasi-bullishness qualified for being bearish?
I contrast this with the previous bear market.
In 2014/15 when Bitcoin was in the $200-$300 there wasn't the same level of assuredness that Bitcoin would hit the previous highs of $1000 again, let alone surpass it.
There was a fear that the Bitcoin experiment might have failed. If Bitcoin was a company, there was a fear that it could go bust.
Now, however, the sentiment appears to be that Bitcoin is too big to fail. This, de facto bullishness, even amongst the bears, has me a little skeptical.
When it comes to markets, if everyone thinks the same thing; it is often wrong!
Not that I'd ever bet against Bitcoin. However when everyone either thinks now is a bargain or are waiting on future bargain prices, I naturally have my contrarian guard up.
Just a thought.
Image by Ambir Tolang from Pixabay
Awesome Post as always. I definitely don't feel too that Bitcoin is too big to fail, I obviously feel that the run has been astounding from $200 to in 2015. Iny opinion overly being optimistic isn't really ideal of one's holdling because even million dollar businesses have failed in the past, and that's why I think nobody can really predict 100% correctly how Bitcoin will turn out, but the truth is, we're business people and we can only study the chart and Hope on the unforseable forces of bull and bear.
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That's definitely something to think about. At this point, the success of Bitcoin will come down to use. Is Bitcoin an uncorrelated asset useful to investors to improve the Sharpe ratios of their portfolios? To what extent will states or power blocs interested in circumventing sanctions be interested in using Bitcoin for that purpose?
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I can defo feel the bulls wavering though i'm not too exposed to it so i'm just sitting here and watching...
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More than 80% of Bitcoins are already mined and owned before the majority of the world even understands what it is. That is a major hurdle for Bitcoin adoption if you ask me and will continue to be in decades to come! And Litecoin and other alts aren't that different. This is why I promote SwiftCash! It's almost 1 year old and if you count its history it's more than 2 years old! And still only below 2% of max is mined and it's going to take more than 500 years to reach its maximum supply! After 12 years, it's gonna be like 10% of its max! Compare that to Bitcoin which is over 80% of its max in less than 12 years! Huge difference...
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I'm not sure 80% of Bitcoins being mined is much of an issue. In fact many would argue that Bitcoins high 'stock-to-flow' ratio is one of the main reasons it is highly sought after as a store of value.
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The reappearance of comments like this seems somewhat bullish to me. The fact that people bother may indicate that people think what little STEEM may be earned like this could appreciate a lot in the future.
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Im sorry, what for not having text at all?
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Yeah, there used to be a lot of GIF animation comments back in the day over a year ago when the price of STEEM more than ten times higher than it is now. Some people find GIF animation comments annoying because they take up space and draw attention to them because they're often flashy. Not everyone dislikes them and not all people who dislike them do that to an equal degree but for myself I can say that I will flag such comments in my own comment section just to push them to the bottom of the list.
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That's a reasonable reason, thanks for telling me, I should I have to change the way I comment.
Thank you so much @markkujantunen 😎👍
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You're welcome.
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😎👍
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Yeah bitcoin is a heart of all crypto when bitcoin drop others crypto affected
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the strange behavior of bitcoin of all time
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