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ian23

Guest
bitcoin chart.jpg
Since the genesis block was mined by Satoshi Nakamoto, Bitcoin has seen progressive growth and adoption from mainstream media, retail traders as well as institutional adoption. Many believe that bitcoin's value is attributed to how much adoption and acceptance it garners. However, Bitcoin like most assets does not appreciate spontaneously as this is non-pragmatic and unhealthy for long-term use. As volatile as the crypto market is, it is important to understand that the price of bitcoin will most likely be a function of what cycle it currently is. So the question is, where are we in the bitcoin cycle.
According to seasoned trader and crypto analyst, Dominic Ericsson, using the BraveNewcoin liquid index for Bitcoin and following the history of the halvings on Bitcoin, Bitcoin experienced a massive parabolic advance albeit it's first trading on July 12, 2010. This was preceded by a 93% drop in the price of bitcoin over 161 days. So for all the newbies, when bitcoin rallies high, it always pulls back. on November 12, 2012, the first halving occurred which resulted in a double pump but not after a respective 81% and 86% respective double bottoms and pullbacks within one halving. This was followed by another massive pump and a subsequent 413 days of a bear market when everyone thought bitcoin was dead and done after an 86% pullback. And then a massive pump happened during the bull run.
So technically, there's almost always one year of a bear market after the cyclical top of every cycle. They are almost always guaranteed. So the question that remains on everyone's mind at this point is, are we already in a bear market, or is this price consolidation; hence the need to know where we are right now in the cycle. Following the massive sell-off in may, we have to go back to historic price levels to determine the degree of price retracement that the market has seen. So far we have only experienced a 53% pullback in price, which means that for everyone who is still bullish, we need a further 30% pullback before bitcoin can be positioned for another move up. As a newbie, It is important to follow signals and strategies from veteran traders who have been around through the different timelines and cycles of bitcoin. one such person I found to be meticulous in his analysis on the market, as well as his signal trading strategy and trade setup, is veteran trader Dominic Ericsson.
Going into 2021, every trader on Youtube and telegram was so bullish that they ignored the bearish patterns painted all over the chart. Only a few traders gave out signals about an impending sell-off and ericdomtrades was one of them. it is very important to look out for signs and signals if you have not been through a bitcoin cycle and Eric can provide such analysis, signals, and trade set-ups. The future of bitcoin as uncertain as most people might think it is promising.

 

Chibson

VIP Contributor
I may not be aware of some of these things because I am definitely a new crypto-currency trader. one thing that I am very sure of is that bitcoin will recover and pump massively beyond everyone's imagination. A lot of people think that bitcoin will only go up and we never come down and this mentality is very wrong because it is volatile in nature.
 

btaliat

VIP Contributor
Crypto has known to have uncertain future just like other online investment. I don't know why most analysts are more concerned about crypto than other online investment. But I do think it may be a game to create panic selling and then buy all these coins. Because they always capitalize on the volatility of the cryptocurrencies which I think should be at the back of every crypto users mind.
 

Doradorwa

Opportunity seeker
Right from the genesis of cryptocurrency. It's strength to sustain had always been a cause for alarm, though it's useful to say that all investment future always seems dull but if country government can at least adopt even if only bitcoin as a recognised currency for a years for a trial. It will boost the strength and will clear some doubt.
 

Ahmedo24

Verified member
The Fact is that most of the cryptocurrency analyst are not really factual or historical in their analysis as such they make the analysis based on the trend of the market at that moment. I could recall last year that most of the analysts predicted this year to be a serious bull run that bitcoin is going to hit 100,000 dollars or more nobody at forecast the China countdown no Elon Musk decision so we just need to be very careful and not the too carried away with analysis for me to currency analyst..
 

sincerem

VIP Contributor
The progressiveness will continue for a long time cos BTC have a long vision and such vision will take it going for many years. When Nakamoto satoshi made Bitcoin earlier in 2009 he craved something extraordinary to change the mode of transaction and make payment faster, and anonymous. That vision is a lasting one until another prominent person brings another vision that is greater than that of Nakamoto satoshi before BTC can be outshine.
 

NXTGChain

New member
Depends on the model you use.
All models can be wrong but based on past data the market cycles appear to be lengthening.
I would say there will be some sort of recovery by the end of the year, possible price discovery next year, but time will tell and nobody really knows what will happen. Overall though if you are patient there is plenty of upside potential.
 
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