Bitcoin since it’s inception has been a roller coaster for its holders. With high volatility and high risk, it has been a heart attack for some and a hen with golden eggs for others. Few lost their almost every penny while few became millionaires.
With it’s All Time High(ATH) last year in december reaching 20K $ a bitcoin and now reaching 5902 $ All time Low (ATL) since oct 2017. The market cap of 242 billion dollar at the time of writing haunting the crypto community, few are optimistic about it till now. This crypto space purely depends on news, one bad news can dump the market like a regulation or an exchange got hacked while a good news pumps the market to moon like a country accepting bitcoin as a legal tender or a famous personality endorsing bitcoin to revolutionise the world. The whales ( one who has the large number of bitcoins) play an important role too in the market by manuplating it to their desired needs, they start to sell bitcoins creating a panic and make other to sell to the point where they want and start to buy again making a profit out of it and we start to buy again feeling (Fear Of Missing Out) FOMO and lose our profits.
Can market recover and reach it’s ATH? Will these whale push it to ATH? Certainly the million dollar question of the year to be answered..
On June 6th 2018- june 9th 2018, the G7 summit held in which cryptocurrencies were discussed but the decisions made were not disclosed. G7 is a group of highly powerful industrial and democratic countries having huge funds to invest in something. G7 discuss global matters such as energy, security and economic conditions. Last year in December, the market cap went ATH and reached 835 billiion $ which was way above than they evaluated(SDR) which was 291 billion $. SDR is an artificial currency which was made by IMF to support these countries and allocate the funds to overcome their economic issues. They invest in gold, forex and different things and store these assets for the future, since cryptocurrencies reached to their ATH and haunting them they have decided to invest in crypto space but they don’t want to buy at the current price. That is you can see a dump in the market just after the summit you can see in the following chart.
So at what price do they want to buy?
Last year when the bitcoin price was at 5790$, the bull run came and the crypto market went to the moon. Accorinding to me this is the point when we can see theses countries central banks going to invest in the market and we can see a 90 degree spike in the upcoming days. No one knows for sure when this going to happen but you can see the pattern of last year.
So I am in the list of those optimistic people who are anticipating a bull run of 2018 in the coming day and for sure this is going to happen.
We can see more dump in the market but this is the right time to buy !!