Don't panic, were almost there!

Its no surprise that bitcoin took another dive today, dragging the rest of the crypto market down with it. The negative attention from the media is causing panic sellers to push the price down further than it should, which isn't surprising in this market. Bitcoin always over corrects in either direction at the end of every swing. If your new to this market which many of you probably are, it must feel gut wrenching to see the market come down so quickly and rightly so. Not a very warm welcome for all the new comers coming  in the crypto space. I know how awful it feels when your just starting off as I too have gone through it many times over the last 2 years. Obviously this is a big correction but it will correct the same way it always does after a re-balancing of the markets. You just have to keep in mind that the run up recently went way too high for the market to sustain, so it needs to come back down to level where it can build support for another wave of growth.

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The good news, is that there is more indications that the bottom is getting near and big investors (smart money) are getting back in to there long positions. I know its hard to see the light at the end of the tunnel, but its there, and the market rebound is coming!

Below is a chart of the Long vs Short postions. Orange represents the shorts. As you can see, the short position really dropped quickly and longs have been increasing.

Long = Buy 

Short= Sell

My predication is that bitcoin will be trading above 50k this year!

Bitcoin has been through many ups and downs during its life span. 50% corrections are not uncommon and the one thing that still holds true is that bitcoin has always bounced back stronger. Its not unusually for any new revolutionary technology (like the internet) to be extremely volatile in the early stages of its adoption. Yes facebook,Apple, IBM, Google were all extremely volatile too when they emerged in to the tech market. The only difference is that this is much bigger of a technological revolution than anything else that has come before. So don't be surprised if we continue to have these huge  wildly swings to continue for years to come. A revolution doesn't just happen over night, it takes time for something this big to become adopted. So for all those people hating on bitcoin because its volatility, you're missing the point. This is the fastest growing market EVER, period! Who in there right mind expects it to be stable right now?? It will take years of volatility to become as stable as gold but that doesn't mean you should miss out on the most opportunistic part of it's development.

2018 will be the year retail consumers get in to Cryptocurrencies 

Ive personally talked to a few people high up in the retail sector that mentioned they are seriously looking at crypto right now. I was kind of shocked to be honest, I thought we were a year or two away from that. I wouldn't be surprised if this correction right now is the moment many of these retail consumers and institutions come in to the space. 

I searched through an endless supply of negative articles today to find you some positive outlooks on bitcoin lol

 

• Bitcoin Will Stabilize, Hit $50K by 2019: Neu-Ner
•  Bitcoin’s Correction Could Well Have Shaken Out Potentially Damaging Investors
• You Don’t Understand Bitcoin, But You Understand Free Money

 

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