It’s all good news for Bitcoin next week. HODL on!
Hello my fellow Steemians and Crypto investors,
This week Bitcoin has been on a struggle to go over or maintain 11k. Just yesterday we saw a correction that bottomed at about $10,200 and it’s now ranging between 10K and 11K. Another, possibly bearish, mini crash could even take it below 10K this week.
However, on the background, positive news are brewing for next week that can quickly reverse this minor correction and continue the general bullish trend. Coinbase and Bitfinex have both announced their readiness to implement Segwit. Bitfinex is already rolling it out and Coinbase will start by mid-next week. Bitcoin fees are already very low, so this will make them even cheaper soon.
Segwit transactions continue steadily increasing on the Bitcoin network, even without Coinbase and Bitfinex officially adopting it yet
Also, brewing in the background is Lightning Network. It already has over 800 running nodes and counting on its mainnet implantation, which is a little crazy, considering it’s still in its testing phase.
800 nodes and counting running Lightning Network on mainnet
So far, we haven’t heard of any major screw ups, except for a few bugs here and there that developers are working on. This is very encouraging for a nascent network of such proportions. The longer the Lightning Network simply exists, the more valuable it becomes, just like Bitcoin, Ethereum and other Crypto platforms that age well like that :)
Conclusion:
Even though we are experiencing a bit of a rough correction right now, barring any unforeseen black swan events, we should continue on the general bullish trend next week. Don't be foolish and panic sell on small corrections like these. Always wait for strong confirmation on the trends.
Speaking of HODLing, I leave with this super funny viral video which I found thanks to fellow Steemian and Crypto Investor @Chesatoshi Thanks man!
Original post by @Chesatoshi: https://steemit.com/cryptocurrency/@chesatochi/great-hodler-video
Keep on HODLing my fellow Spartans! Regards a tous!
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Tell me what you think of this post in the comments below. This is not professional investment advise. I'm not your financial advisor. Only invest money you can afford to lose!
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Happy crypto investing!
I find it a little interesting that the sell-off began as soon as the news about Bitfinex's bank account @ ING came out.
Do you think this could turn into a black swan? Do share links to info with news about this. Best regards!
Here is one of the articles: https://www.reuters.com/article/us-crypto-currencies-bitfinex/ing-says-cryptocurrency-exchange-bitfinex-has-an-account-with-it-idUSKCN1G42MU
I find the last paragraph in that article to be hinting at more complications for Bitfinex. The Tether drama is still weighing on the market and any news regarding Bitfinex and Tether usually causes a sell-off.
It's too early to tell if this will actually bring any real regulation or how long it would take. Markets are jittery like this though so it could be contributing to the current correction in prices.
Finally a good news.
I am dying to see bitcoin going up because I have been holding some and I have to buy laptop for me.So when it goes up then only I can buy otherwise it won't be a good move for me.
I have so many hopes from lightining technology because otherwise that, bitcoin's survival wouldn't be possibel.
buy litecoin it have to increase 1000$ in 2018
THIS IS WHERE WE HODL THEM
THIS IS WHERE WE CRUSH THEM
THIS IS WHERE WE PROVE WE ARE REAL STEEMIANS
THIS IS WHERE WE WIN.
THIS IS WHERE WE WIN.
GOOD MOTIVATION
Keep on steemin'
Haha, It's all Good Man! This is Sparta!
i hope in the HODL!!!! i hope it is a mini crash i was just getting back in the black!
That video was awesome!! That's how intense owning Bitcoin really is!! Great post and thanks for the laugh!! :-)
yes, awesome
This sort of scenes is what I always picture in my mind when looking at the armies of buy and sell walls battling each other in real time, that 300 video was awesome, glad to see I'm not the only one with these imaginations!
To me both pictures below look identical...
I see exactly the same thing! Haha, epic times indeed!
I can't wait for the next run past 20K!!
I believe bitcoin will hit $20,000 by summer even though it will be volatile and then $50,000 by the end of the year
I'm with you on this. Seems like this dip is hanging on a little longer. I just can't see this downward/sideways trend continue much longer.
There is a huge psychological barrier between the 17-20k mark. In order for it to reach 50k people will have to not sell off most of their BTC when it reaches that mark and also buy in DESPITE what happened just a few months ago. Consider all the people who currently regret not selling their BTC back in December who could have retired on their initial BTC investment? On top of that, the people who bought in at or near the ATH thinking it was mooning to 30K and beyond and will sell as soon as they can recoup their investment and thank their lucky stars they didn't go bankrupt. Id expect a major dip if it hits 17-20k in my opinion, maybe even a panic sell that drops it by as much as 10k in as little as a couple days. At the 15k mark I would expect a ton of volatility and it will begin to clean out some of the weaker hands.
Also remember some mysterious entity bought 400m worth of BTC when it was at 10k, if it hits 15k and they sell between 15-17k, they are set to make 250m on a 400m investment in as little as a few months. This is assuming they are not a long term holder of course. We have no clue what their intentions are but with that kind of buying/selling power, they could easily be manipulating the market and basically just doing a pump/dump of BTC.
Im only approaching this from a psychological perspective though. Im not a professional trader, this is just something to watch out for as BTC prices go up and we near these price points.
It's at the bottom end of the channel, if it bounces from here, all is good. If not we may be in for a lower low. But in the scheme of things, none of it matters in the long run. The future is bright and lucrative!
There could always be black swans along the way but the Honeybadger of money don't care hehe. He's going for the moon
All coin will bounce back, this is our generation's revolution. This cannot be stopped, it will not break, it will take awhile to grab a hold, but once it does, the world is going to change. And as with all revolutions it starts small and then it explodes into something that changes the way we look at the world.
Hope so, people that bought coins (esp alt coins) when BTC was at $14k+ are deep in the RED for 2-3 months now...probably the first time in history that you could buy coins and 3 months later be down (instead of being up 300%+ for example), so a fundamental change has happened due to the mainstream exposure and flood of new investors.
Hi @thecryptoeagle, thanks for updating everyone with this news. I work full time in the industry, and I know that it has been a rough start for cryptos in 2018, with a few good patches in between.
I think that regardless of the rough start, there is positive news coming for the market in 2018. It should be really interesting to see how the lightning network improves the network as a whole once it is out of testing phase.
I'm currently reading up on a technology that may solve every single scaling issue that blockchain has.. I'll be posting about it in a week or two so keep an eye out if you're interested in scalability!
Hello @thecryptoeagle,
Thanks for the update. I am waiting for the dip this weekend to take my position :)