Bitcoin has seen much more FUD and sell side action than I have anticipated. The news of Twitter, Facebook, and Google banning cryptocurrency related ads has many investors worried about bitcoins future as a global currency. Yes, social media sites banning cryptocurrency advertisements is bad for the industry, but the ad block does not affect bitcoins fundamental values. If anything, the fundamentals of bitcoin have improved. The blockchain is not clogged, transactions are faster, and the lightning network is on its way. When markets are down, ignore the FUD and focus on the fundamentals.
As we wait, anticipating a Bitcoin ETF or Future, bitcoin is at a huge discount, or what I like to call the opportunity trough. I doubt that bitcoin will pass the 0.236 fib level. There is too much hype around the industry compared to last year. As the stock market corrects (which it most likely will, read my Medium article on it) the money in the stock market will need to go somewhere, if an ETF is put in place I think a good portion of the funds will be put into Bitcoin.
Lets see if im right or not!
Thanks,
Colm
As we wait, anticipating a Bitcoin ETF or Future, bitcoin is at a huge discount, or what I like to call the opportunity trough. I doubt that bitcoin will pass the 0.236 fib level. There is too much hype around the industry compared to last year. As the stock market corrects (which it most likely will, read my Medium article on it) the money in the stock market will need to go somewhere, if an ETF is put in place I think a good portion of the funds will be put into Bitcoin.
Lets see if im right or not!
Thanks,
Colm