Just Think, who is selling bitcoin right now? It is really easy to realize that weak hands are already gone from this market, and whoever is holding through this correction and have not sold yet, will not sell now. The only ones that are selling right now are speculators and day-traders.
So, what should we wait for?
We should wait for momentum to build up, once buyers will gain strength, price will start climbing to previous highs, i can not tell you how fast it will happen because a lot of people lost money during this crash, so market is filtered from weak hands, however, there will be joining new players in the market as soon as media will start publishing that bitcoin is on the rise again.
Think about it, In December, once price started going up, bitcoin was a mainstream throughout the world, everyone was publishing articles like:
"Bitcoin passed 10k and is not stopping" "Bitcoin to the moon" "Easy way to get rich" "Bitcoin: Dream come true" "Bitcoin on the way to $1 Million".
So yeah, as soon as people saw articles like that, they started buying, even people who had not invested in anything before, have decided to buy some bitcoin .
So what happened after the crash?
First of all, many of you are calling it crash, but it actually was a correction, profit taking.
After profit taking and price bouncing a bit down, panic selling had kicked in and domino effect came in play. After that, articles about bitcoin changed names from "Bitcoin To the moon" to "Bitcoin crashing" and similar things, negative ones of course, so price came lower.
"Whatever goes up, must come down" and this is exactly what happened to bitcoin .
What is going to happen now?
Same circle again, whenever bitcoin starts going up, imagine what articles will be like... it will be like "Bitcoin recovered and is back on the road to $1 Million", well, in my opinion it will never reach 1 million but whatever, at least articles will say so... And what's next? New players will join the market... as price will grow, more and more people will join and guess what will happen when the price gets higher than 20k? Shit tone of new players will join as publishers will make bitcoin mainstream once again, and we can see price go really high really soon again.
How long will it take? I have absolutely no idea.
Is it possible for bitcoin to crash? Yes it is, if the whole market will crash due to some seriously bad news.
However, on the trend right now, i am waiting for early of the February, because if short term uptrend will continue, between 3rd and 9th of February is the moment when has highest possibility to break out from Major downtrend line!
2nd Target point is between 12,500-13,000
After that, before the end of February will be most important dates to watch the trends as mentioned above.
Let's see what will happen
The only thing I feel- my opinion- is that there are so many people calling for that 8,500 bottom that I almost think the market won’t be happy until we see that. I mean, if you saw 7,500 - 8,500 finally and it bounced hard from there, wouldn’t you feel a lot more confident in throwing money in again?
Right now there’s still that uncertainty that we could still drop there. That keeps people from going all in, IMO. If we saw that low bounce - even if quick (and I trust it would be a rapid bounce)- that will restore full confidence to the market that the correction is truly over and we can see new ATH’s.
So- will the market get what the market wants/expects? Guess we’ll see!
I’m grateful to have gotten in at 8,700. So even in this harsh correction, I’m still in the green. When you get in early like that, these times don’t bother you as much as the person who got in at 19,000 and is now thousands in the hole.
Hope we all have a profitable year.