Table of Content
Relax and Hodl
If you are a follower of the price of Bitcoin and Cryptocurrencies it could be time to take some deep breaths, learn relaxation techniques, or go see a doctor and get some Valium. There is a big part of me that has had no problem with the sideways action, doldrums, even boring Bitcoin as some commentators have been calling it. It has given myself and the Hardforking team time to learn more, set up various ventures in this space and really understand more about this industry and where we stand today.
Last year was bonkers and too much energy was expended on the price action. I don’t think I slept in December. I certainly won’t to be doing that again.
The Bitcoin Roller Coaster
I have been in Bitcoin for a while now and experienced pretty much every emotion going, it is a roller coaster ride and whilst I am certainly in this for the long haul and not as emotionally affected by big price swings anymore I currently find myself with a growing sense of something big on the Horizon. It feels somewhat reminiscent of this time last year. Personally, I was shocked and not overly happy at the massive price moves at the end of 2017.
I was following the tech closely and there were not the massive tech advancements to warrant the price jump. Yes, the Chicago Mercantile Exchange, CME, anticipation and implementation sure played a huge part, then the fear of missing out, FOMO exploded. Taxi drivers talked with me about Bitcoin, my friend’s maid just had to buy it, almost in a panic not to miss out, friends took on crackhead type behaviour as they dove in while the price rose 5% during a 1 hour period as they set up accounts on exchanges. It was madness. Will we see this again? Yes, and it will be much bigger next time around, I think so.
FOMO, how will you handle the next bull run?
I would say half of my friends who bought during the bull run have hodled. They currently sit on some big losses. Emotions have run high but becoming a Hodler does instil a sense of calm and the ability to actually learn what Bitcoin and Cryptocurrencies are all about. It is going to be very interesting to see if they sell once they break even. The reality is if you have been in Bitcoin for more than a year now you can consider yourself an OG, or OB I guess. You are a veteran and influencer! You will be much better at reading this market and knowing when it has gone crazy again and maybe some profit-taking is in order.
Who is buying Bitcoin and Crypto?
Coinbase now has over 25 Million accounts set up. Many are empty but when you think the total supply of Bitcoin will be 25 Million it is sobering, that’s just accounts on one of many many exchanges.
During the last Bullrun, many people could not even get registered on exchanges such as the tidal wave of interest. This time around those accounts are there and ready to be filled up. We are not seeing huge buy action on the exchanges at the moment but there is plenty of action in the over the counter, OTC, market with strong buy demand.
Tone Vays gave a grave outlook with his technical analysis a week ago stating that there was a strong downtrend. He might be correct but as he says things can change quickly. If you are into technical analysis, 7400 looks like a key break out point. I think we will hit it, drop back and then we could be set for a strong move up. This is just my opinion, do you own research. Tone stated that we could go down to 1300 and he was taking money out now to survive this. I find 1300 hard to believe Tone. He gave a disturbing TA analysis. Maybe the Bitcoin carnivore diet is playing havoc with his brain. I didn’t sleep so well that night. Two days later he was a different guy. Not sure what to take out of it other than not watching any TA for a while and getting proper sleep.
Upcoming ETF decisions
November 5th is looming large with the ETF decisions. If they are going to be approved I suspect we will see price action very soon, certainly before that date, whispers tend to get out. I have mixed feelings on the ETF situation and will cover that in another article.
I am not a financial adviser, neither is CNBC’s Ran Neuner from the Crypto Trader show, but he is saying he thinks the price of Bitcoin is about to explode. I met the guy recently, nice chap, very knowledgeable and he is telling his mum to buy Bitcoin. I have not told my mum to buy Bitcoin in the last eight months but I am starting to consider it. I think it is a good buy at its current price, it really is just a case of have we hit the bottom and found a support level. I am still not entirely convinced we have. I do think we will end the year higher than where we are now though.
Where to buy Bitcoins?
We review all the best exchanges to buy and sell cryptocurrencies on our website and have done so for a while now. Here are our favoured crypto exchanges.
We know it is getting easier, faster and the next bull run will allow much better on-boarding. The next Bull run will be much bigger than the last, in my opinion, so will the loud bang when the price pops again. I personally think we have a good few years of that happening before Bitcoin moves from what it is fast becoming at the moment, Digital gold to being a global currency. At that stage, we will see price stability. But what will that price be?
As I mentioned earlier I am not a financial adviser, but I think I can tell you, now is a good time to understand what Bitcoin is, it is not a price. If you do decide to buy Bitcoin, you will be much better equipped during bull runs and bubbles bursting, if you really do know what you have and how special it could be. Good luck, and learn to breathe that is very important if you play these markets.
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