Hello fellow Steemians,
It's time for my crypto currency post of the day!
At the time of writing this, Bitcoin is up nearly 9% on the day and is hovering right around that $19,400 price point. With the "slow" past couples days with Bitcoin only moving a percentage point or two per day, is it finally time for Bitcoin to surpass that incredible $20,000 mark? In my opinion it is.
Before I tell you guys anything about what I'm doing, I must let you know that I am not giving any advice here, just sharing my opinion. I am by no means an expert so take my words with a grain of salt.
Now that we've got that out of the way, how am I approaching this situation? I personally see **Bitcoin surpassing $20,000** but I don't see it going over $21,000 before experience quite a drastic correction. It wouldn't surprise me if we saw Bitcoin drop back down to that fourteen or fifteen thousand dollar mark. Why do I say this? The main reason is because this $20,000 mark is a big milestone for this crypto currency and in my eyes is a perfect point for a huge number of investors to pull out some of their profits and in many cases all the money they've invested. Although I only have a small sum of money invested into bitcoin, I'll be doing the same once it crosses 20k.
Another reason I don't see this upward momentum continuing is because of the many issues that Bitcoin is experiencing. I have gotten to the point where I view Bitcoin solely as an investment opportunity. I am no longer convinced that it could be the currency of the future. I do see block chain technology and crypto currency becoming globally accepted, I just don't believe it will be Bitcoin. But that's a whole other story. With the increased volume of transactions, laggy transaction speeds, and huge transaction and miner fees, I wouldn't be at all surprised to see Bitcoin start to take a hit for those things. I see this happening right after that twenty thousand dollar mark.
So what next? I don't think Bitcoin will die. I think it'll see a much needed correction. I will personally be waiting for Bitcoin to drop to around $16,000 before putting any more eggs in this basket. If it drops lower, I'll view it as an opportunity to slowly start putting a little bit more money into it because I don't think the problems right now are bad enough for the Bitcoin hype train to totally stop. The problems are only affecting a small portion of its users (those who are actively trading and exchanging bitcoin). I don't believe this will have any affect on those who are pouring their money into the currency due to hype.
For these reasons, ill be pulling profit at $20k and begin pulling initial investment somewhere around $20,200. Those number are based on what I see the future looking like so you guys make decisions based on what you see happening. This also gives me an awesome opportunity to start putting my money into a few of the smaller coins where I see more scalability and security. Some altcoins that I currently am watching are IOTA, Raiblocks, SIA, and ripple.
What are you guys thinking? Will Bitcoin hit the 20k mark? Is a correction coming or will we see it surpass 20k easily and keep going? Let me know down below!
- Tyler