With Bitcoin running the show, we have yet to see any substantial shift from the Bitcoin market into an altcoin market. Mapping out this year to a prior year, we are on track to have a very volatile Q3 and Q4 season. Therefore, lets discuss the possibility of a $50,000 Bitcoin and get a good laugh at Craig Wright once again.
Nothing should be considered investment or financial advice. Enjoy the ride.
The market is sitting on the theme of Bitcoin’s price falling and then rising back up over $10,000 continually. It would appear that there are several factors for why this could be the case. Here are some potential people who could be helping pump the price back over the cliff every time it falls off:
- Exchanges – the exchanges want to keep Bitcoin’s price high, because the higher the price of Bitcoin and the volume, the more money they make from fees.
- Miners – Miners clearly want the asset they are producing to maintain a stable price level of profitability. Without Bitcoin staying over certain price levels, miners would be forced to mine at a loss or close down for the time being.
- Day Traders – Day traders will make plenty of money from the constant volatility. Therefore, it is not far fetched to see them wanting Bitcoin to fall and then rise again quickly. There is plenty of profit to be made for them.
- Whales – There could simply be manipulation from the whales in order to keep their portfolios strong, and make quick profits from the organized pump and dumps across the market.
No matter who is responsible or if it is simply organic volatility, Bitcoin is fighting to maintain the new found support levels much longer then previously in 2017. This honestly reminds myself of the 2017 bull run when Bitcoin surged from $1,000 to $4,000 and fought to to keep this level before taking off nearly exponentially at the end of the year to $20,000.
Bitcoin New High
Therefore, the price speculation of $50,000 makes sense when you look at the 5x – 20x gain from 2017 depending on how you look at it. Not to mention the immaturity of the market still. It would be uncanny to see leading stocks on the traditional stock market swing 10% – 15% a day. This just goes to support the fact that the crypto market is no where near done growing.
Lets pair this with the Bakkt launch, the ETF proposals, and the historical boost the market gets in Q4, ignoring 2018. With all of this in mind and with the halving event right around the corner, we could easily see a $50,000 Bitcoin this year. The unfortunate consequence would more than likely be a retracement right afterward.
Another argument is the constant adoption of Bitcoin among the elite. Globally, there has been a shift with the pending market collapse that is bound to happen without proper intervention. Already China has been showing signs and the American markets are no different really. The largest question on the market still seems to be, how will Bitcoin respond. There still seems too be a general sentiment that a traditional market collapse will be good for Bitcoin.
Faketoshi Challenges Ruling
Craig Wright, or Faketoshi, has said that he wants to challenge the ruling he lost in August. The ruling summarized, means he will have to fork over half of all the Bitcoins mined from before 2014 and half of his intellectual property. Upon realizing the drastic enormity of this ruling, Craig has mustered up the stupidity to challenge this ruling even further.
With this ruling pending, Craig’s attorneys say that he will not have to proper amount of time to do this in the allotted period due to his constant preparation for the hurricane. If you are outside of the U.S, there is a hurricane set to hit the East coast this coming week, and there is expected to be considerable damage. Craig being based in Florida I believe, has been hard at work preparing for the event. I guess it is hard work to plan your vacation from your home for the next week and try to save $5 billion dollars at the same time. We will wait and see if the hurricane excuse wins Craig any more time to challenge the ruling. My guess would be a resounding no due the the fact that he has already been proven to be dishonest in court.