Bitcoin, bitcoin, bitcoin. What is your problem?
A number of factors and news items appears to have pummelled the price of Bitcoin and cryptocurrency down in March and April. After the downslide of January and February, we seem to be languishing in a long, drawn-out "fire sale".
After the hair razing pace of January, it's really nice to have all the time in the world to shop around and buy coins at super dirt cheap, below ICO prices.
In my previous posts, I predicted a "late April, early May" return to growth. While I trust my instincts 99.9%, I didn't have the exact reason for why this was the case. After marvelling at another sell off and another sub-$500 AUD Ethereum, the news item that strongly supported why a sell off in an undervalued market was the case at the moment.
In the US, their tax season ends on April 15th. Due to a crack down by the IRS over the last year, it's more than likely that US investors are feeling the pinch at the huge tax burden and need to sell off to raise funds. If this is the case, we can expect to see a sell off for another week and the reverberations of a lack of confidence in crypto for another week after that quiet possibly.
In my forecast, I think we will see a "weak bull run" in May to early June. Growth but not on the scale of January. A slow uptrend as the crypto markets dig their way out of 70%-80% losses. Which is not going to happen overnight. Leaving the real bull run to come in September once the negative sentiment have been shaken off.
But all this is speculation. Let's talk reality. The reality is that "blockchain technology" is an idea that is being implemented more and more in industry. While it hasn't reach anywhere near saturation point, the value of the blockchain also has not hit it's peak. We are nowhere near the top valuation of the market.
So with coins being dirt cheap in a market that has yet to reach it's value potential, this signals that now is a prime time to invest. What you do right now will set you up for making major gains in December / January when the market reaches it's peak before the next major correction.
Thanks for watching,
Brendan Rohan - Indie developer of 'next gen' natural medicine from Melbourne, Australia
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DISCLAIMER: This article is written by an amateur investor and is offered purely for information purposes. This is not financial advice and you should always seek the advice of a finance professional.