Bitcoin Blasting to New All Time Highs Despite the Nay Sayers… What Doesn’t Kill Bitcoin Only Makes it Stronger
What an incredible year 2017 has been. With only two months left in the year bitcoin is solidly poised to take out the $7k mark. Last year around this time I was predicting $2-3k for 2017. Needless to say I had many people look at me like I was crazy. In fact, most told me I was crazy in words. But I also had a few… just a few… who could see the potential and were believers as well.
This is one of many reasons I know bitcoin is not yet in a bubble. In fact, far from it on a longer timescale. Ask 100 people on the street if they’ve ever heard of bitcoin. You’ll probably get 30-40 out of 100 who say yes depending on the city (compared to 5-10 last year). Ask those same people how many actually OWN bitcoin. You’ll probably get 2-3 out of 100 who are HODLers. The rest of the 30-40 are BTC wannaHODLers. These are the potential believers who will convert to real blockchain believers in the near future. This is what will drive the price to $100k and beyond.
The global adoption in 2017 coupled with other positive bitcoin/blockchain news has been phenomenal. I did not expect many of the developments in 2017 for at least another year or two. Who could have imagined developments such as Japan recognizing bitcoin as a currency, the rapid development of blockchain value propositions (Ethereum, ICOs, etc), the CFTC and CME offering bitcoin options and futures, and the explosion in bitcoin and crypto focused investment and hedge funds.
Despite all the positive developments never forget to exercise caution. Remember that bitcoin runs in cycles with large rapid gains as well as large rapid corrections. I’m expecting a move above $7k soon with two possible scenarios. Scenario 1 is a minor pull back and new base building for further gains ahead before the next correction. Scenario 2 is a major pull back in the 30%+ range as bitcoin periodically does after major appreciation. I’m expecting a pull back to $4.9k or so which will be the last chance to buy below $5k. Similar to what happened at $2k, $3k, and $4k. Dollar cost average over time is a proven strategy for those less knowledgeable and wanting to get in.
So congratulations to all the early adopters and bitcoin/blockchain believers! It only gets better from here as our society is positively transformed by blockchain. Welcome to the blockchain revolution… results and success by thinking inside the block!
Disclaimer: The above is not meant to be taken as investment advice or recommendations. The author is not a professional investment advisor and the above is only personal opinion. The previous opinions are wholly based on decades of education guided by decades of experience achieving superior results. Do your own research, reach your own conclusions, and become a believer today!