Whenever the market is crashing some "expert" comes on the scene and claims it's going to crash much harder. Every time without fail, we can't seem to get an analyst that actually knows wtf he is talking about. Now we have people saying that $10k Bitcoin is right around the corner. Is it? You sure about that, guy?
Bitcoin Could Hit Near $4,000: Goldman Sachs’ Chief Analyst
Bitcoin a Buy ‘Below $5,000’, Says Allianz Chief Economic Advisor
Bitcoin Price Hits 2018-Low at $5,825, Where Will it Bottom Out?
Bitcoin has incredible support at $6000. I was surprised the value even went to $5800.
10k Bitcoin would be a signal that the market is no longer bearish and is instead trending horizontally. I think it's foolish to throw out that number this early. Personally I'm thinking Bitcoin up to 8-9k with a fall back down to 7-8k, but I guess that's not as fun. The FUD and FOMO of the media are constantly trying to manipulate our emotions on the subject.
The value of Ethereum crashed for two months in May and June. 18 days ago I even wrote a post, Signs of the Bull. The opening line of that post is:
Yesterday right before work I watched as Ethereum fell to $408. I thought to myself: this is the bottom.
Oh yeah! Nailed it. Feels good to win one. Too bad I didn't have any money to throw in! QQ. However, on June 12 some money did clear into my Coinbase account. From my point of view, buying in at $430 was actually better than buying in at $408 because the $430 drop was confirmation that the market was coming back up.
As you can see the market crashed to a new local minimum 4 times. The fifth crash $430 was higher than the fourth $408. To me and many others this meant that the market would come back up. So far the market has been fairly predictable. Down for a month, up for a month, down for a month, up for a month. Now we've been down for two months so I'll just roll with it and assume that the next two months will be in the green. If I have to put an exact date on it lets say September 4th.
I was so certain the market was coming back up that I bought Ethereum on purpose just so I could use my newfound knowledge of the MakerDAO. That's right! I locked all my Ether into a CDP and pulled out half as much Dai as a loan. I used that Dai loan to buy Tron because their virtual machine and "secret project" are being released at the end of the month. It's only been five days and I'm already up 25% on that risk. Exciting times.
Hm, so when is Bitcoin going to hit $4k? Never. It's never going to hit $4k ever again and in a few years people will be asking when it's going to go back down to $40k. That won't stop Bitcoin from being declared "dead" for the 1000th time because people don't understand how it works or what it's true value is. The insanity continues.