Given what has happened in the past, I believe we are now in the early stages of a bull run. A quick glance at Bitcoin's price action over the past 9 years makes a very solid case for a bull run.
Over those years, Bitcoin has gone on several notable bull runs, as follows:
2011 – from $1 to $30 back down to $2
2013 – from $20 to $200 back down to $60
2013–14 – from $200 to $1,199 back down to $300
(Over 2014–2017, the price lingered in the $500–$1,500 range.)
2017 – from $2,000 to $20,000 back down to $3,000
(Over 2017–2020, the price bounced around in the $4,000–$10,000 range.)
Various analysts give various reasons for those runs, but always after the fact and usually with no real or clear evidence. The fact is, those bulls runs are largely inexplicable, and any attempt to ascribe any precise reasons for them are futile and maybe even foolish.
Nevertheless, similar to gold and silver, bitcoin has now become a truly valuable asset. And while it can be used as a payment method, it is currently seen primarily as a store of value. Moreover, it's recent price appreciation makes it a very attractive store of value.
So, just as gold and silver are at the beginning stages of what will most likely be massive bull runs leading them to new all-time highs, so will bitcoin skyrocket past $20,000.
As for whether or not the crypto space is "mature enough," I doubt that that matters very much. The space has grown by leaps and bounds and booms over the past decade. At the same time, developers have been working constantly, mostly behind the scenes, creating the infrastructure which will lead to more growth and much more adoption.
Of course, the coming bull run will attract many who are primarily interested in making money, but that's only to be expected. People who invest in gold and silver do so because they know it will increase in value. They don't buy those metals to use them as payment methods. The same is true for bitcoin.
In closing, the crypto space may appear to be an immature little brat, but he will soon grow up, and all will realize that he was a child prodigy
I absolutely LOVE your comment @majes.tytyty
You nailed it.
Thank you for taking the time to share your view with me. I always appreciate it.
Yours, Piotr
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By "put on hold," do you mean that the coming price-rise will be followed by another drop, and then be followed by another long crypto winter of prices well beneath the highs?
If so, I believe that is in fact what will happen. But it will not be all bad, and actually, it will be quite good. If we look at the previous bull runs and project the typical pattern onto the coming bull run, we can expect the price of Bitcoin to rise to $50,000 or even $100,000. Subsequently, it will drop rapidly, about 60–70%, down to about $30,000, and linger around that level for a year or 2 ... or maybe even longer.
With Steem or Hive, we could see the prices rise to $5 or even $10, Remember, in winter 2017–18, the price of Steem came close to $10. If there's a bull run in metals and cryptos, there's a chance that Steem and Hive might approach $10 again, or maybe even overshoot and surpass it.
Such moves are simply market dynamics, which nobody can predict or even understand. But the one thing we can understand is the cyclical nature of the movements. All bull runs come to an end, and all massive rises are followed by a retracement downwards and a longish period of consolidation.
We can expect such booms and busts in the crypto market over the next year or so. The trick is to not get toooooo greedy, and simply take profits at an opportune time.
So, if the price of Hive / Steem rises to, say, $4, it might be wise to cash out a little bit of your holdings. If it then rises to $5 or $6, cash out a bit more. If it rises to $10, cash out a huge chunk.
That way, you'll have made a healthy profit. If the price continues to rise (unlikely, but possible), your remaining Hive / Steem holdings will become even more valuable.
If the price of Hive / Steem starts to drop (very likely) after it reaches $5 or $10 or $15, we can be certain that the bull run will be followed by a retracement / correction. Possibly down to the $3 or $4 range – or even as low as $2.
Then, if we sold at $7 or $10, we can buy back Hive or Steem at, say, $3.
If we do that, we can not only make a healthy bit of cash, but also increase our holdings of cryptos.
I have no idea WHEN the bull run and subsequent retracement will happen, but I'm quite sure that it will happen. Whenever it does happen, I will be ready to take advantage of the opportunity.
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Absolutely amazing comment @majes.tytyty
Appreciate it a lot buddy. Upvoted already.
ps. you're very optimistic about price of STEEM and HIVE. I would be amazed to see it going above 1usd. Time will tell ...
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Time will tell. And time will bring about the price rises ... eventually. Not sure when, but I'm very confident that they will.
Thanks for your praise. I'm always pleased that you like my work and words.
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hi @majes.tytyty
I was just wondering - when will I see any of your post again? Hope you didn't give up on steemit/hive and our lovely PH community yet.
Yours, Piotr
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Someday. I'll just have to get motivated ... I have NOT given up or abandoned the community. Cheers!
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