This post is for all the great Bitcoin Hodlers out there. Those who bought low and told their friends and colleagues to do the same, and maybe, just maybe got laughed at for buying something as useless as Bitcoin. “It’s a bubble!”, “It has no intrinsic value!”, “It’s dead!” and what not. We have heard it all. People doubted our sanity, wrote blog posts and news articles about how dead Bitcoin was.
It always came back. And I tell you what: it always will. Hodl is a substantial part of Bitcoin; it’s coded right into the protocol: there will ever only be 21 million BTC, and the reward per block is reduced every four years (next Halving will probably occur at some point in 2020 when Germany will become European Soccer Chanpion 😉 ). Price is already beyond good and evil, but it shows no signs of deceleration, let alone an end of the rally. To me, it looks like the really insane part is yet to come.
Now let’s have a look at the chart:
The current Bitcoin Bull Run in its stages: stage 5 entered.
Does everybody remember the Parity bug this summer, where an uninitialized function allowed to compromize all multisig wallets created by Parity? Well, here’s another one:
At the end of 2015, when Bitcoin reached its bottom after the recovery from the Mt.Gox pump, I made a plan: I wanted to buy as many Bitcoins as possible, because the major bear phase was over and the market was about to recover. I saw huge upside potential and told my wife about it. Also, I read about Wyckoff back then, realizing how perfectly well the Bitcoin market matches his description of the cycles markets move in. My initial idea was to go take a decent loan from the bank (we’ve had our first baby on our way, so we’d have good reasoning to ask for a loan), but decided to use our own money for speculative purposes, so we wouldn’t end up in debt if the trade goes wrong.
Bitcoin is making one All Time High after another; we’ve barely had a week without Bitcoin reaching record prices, in the past months. That being said, the Bitcoin market really started taking off after we’ve had a great Altcoin Season – and I think it’s safe to say it was the most intense Altcoin Season we’ve had, so far. Ever.
What normally happens after a bull market of such magnitude (even across multiple markets!) is a prolonged bear market, followed by a consolidation phase (Altcoins finding a bottom), just to start a new bull market. Regarding how huge the past season’s money influx was, it would only be natural to assume that the next Altcoin bear market would last a very long time… I even went as far as saying it might take anything between 0.5 and 2 years.
There’s a new exchange platform which allows for futures and options trading with Bitcoin. Visit Deribit today and start trading!
On approximately November 16th, the Segwit2x fork is scheduled to take place. There’s lots of rumors about what might and what might not happen, so let’s present the possible scenarios here.
Bitfinex has created – not for the first time – so called chain split tokens for that event (BT1 and BT2) which seem to be a good way to track the general sentiment towards the event.