Is Bitcoin Dead?

In this special episode (just like we did with Ethereum the other day) we look at where Bitcoin is now in the big picture.

Therefore we take our Fibo-tools, and we measure the move up from 160 & 1.000 dollars respectively, up to 20.000 dollars, and determine: are we still in a core-bullish trend, with a bearish side trend, or is this already a core bearish trend?

Here we can take a few notes: Bitcoin has made an almost 20x move in just under a year, and following this exponential move, we got a non-linear correction, which is right now building a descending pattern, of which we will definitely see a break coming.

If this breaks comes to the downside, 5.000 or even 3.000 dollars are possible; but as you can see, even in that worst-case, the picture doesn't look that grim like some analysts are painting it on the wall.

To the upside we have the 7.400 as the lower highs in the weekly, of which the break could signal the next phase for Bitcoin.

Comments

  • I don't think so
  • My opinion is, that as an end user platform, Bitcoin does not look promising. I won’t call it dead yet, but as of now, there is very little non-technical (your mom) transactional (buying a sweater) activity on the platform. It’s mostly insiders and participants. I do not see it gaining any traction, other than as an investment vehicle, which is premised on it eventually being an end user transactional system. The investment community is putting the cart before the horse. Unless moms start buying sweaters on ebay with PayPal, Bitcoin is dead. I prefer trading forex because for me it seems more reliable 
  • matew262matew262 Member
    My opinion is, that as an end user platform, Bitcoin does not look promising. I won’t call it dead yet, but as of now, there is very little non-technical (your mom) transactional (buying a sweater) activity on the platform. It’s mostly insiders and participants. I do not see it gaining any traction, other than as an investment vehicle, which is premised on it eventually being an end user transactional system. The investment community is putting the cart before the horse. Unless moms start buying sweaters on ebay with PayPal, Bitcoin is dead. I prefer trading forex because for me it seems more reliable 
    Agree. Trading forex seems to be more trustworthy as never before. I have been in that business for 5 years already and trade preferable only with one broker IC Markets (https://fx-list.com/broker/ic-markets) who has never let me down. Do you remember the saying - old friends are better than new ones B)
  • I think no. Many people work with it..
  • SerJemasSerJemas Member
    NO! The party has just even began. Bitcoin is dead – or so we have been told over and over again. It has been killed off innumerable times in its short life, which began in January 2009 – less than a decade ago – when it was released as open-source software by the mysterious and still unknown Satoshi Nakamoto. I'm working with bitcoin trading even now on https://www.monfex.com/instruments/bitcoin this platform. You can check live price stats of it here.

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