Few Thoughts On Bitcoin After It's Recent Rally
This information is mostly for new users to crypto from India but maybe worth a read for experienced users also. After the bull market of 2017 where Bitcoin hit $19798 starting below $1000 it consolidated massively (as it always has after each bull run) to hit a low of $3156 causing a bearish market that lasted over a year.
From there over the course of this year it has hit a high of $6952 today. A quick math puts the numbers at a stellar 220.27% returns from it's Mid-December 2018 bottom.
Prices in India had touched a high of $25000 on couple of Indian exchanges during the last bull run. Aforementioned rates are for the BTC/USDT pair on Binance.
We're not at a FOMO rally situation of 2017 yet but it will happen eventually with investors rushing to Bitcoin to avoid missing out on the returns in a bullish market.
Prices will correct and also rally eventually taking Bitcoin's price and that of other cryptocurrencies' to new all time highs (ATH).
I've been around to see past cycles and i'm curious to see where this one goes.
In developed parts of the world where governments have regulated the FinTech industry to an extent, the rate of adoption is pretty good.
I came across this picture of a Bitcoin ATM today located at a small gas station in Vaudreuil, Québec, Canada on CCT, FB group. We might not see this in India ever but it would be great if RBI sanctions on banking accounts to cryptocurrency exchanges are removed providing greater liquidity and opportunities to people in India.
Hopefully Indian exchanges will win against RBI in the Supreme Court.
But this is a quick list of exchanges with Peer-2-Peer trading capabilities in India which are perfectly okay to use today.
WazirX
Giottus
Instashift (no KYC needed)
BitBns
Koinex
Pocketbits
Coindcx
Don't forget to pay your taxes. It's not that difficult to compute. I have an old article on how to approach it published in TheQuint to give you some idea: https://www.thequint.com/voices/opinion/how-to-file-your-taxes-for-earnings-in-bitcoin
You can learn to trade cryptocurrencies without using real money on https://niffler.co/ ( you can trade STEEM as well) and also check out Tradingview.com for technical analysis and online communities such as Crypto Coin Trader to stay updated. You can use https://coingecko.com/en, Coincap.io, https://messari.io and Coinmarketcap to get more information on these tokens.
It's not a bad idea to hold some Bitcoin for the long haul in your investment portfolio.
But please remember to do your own research and come to your own conclusions. Goodluck investing.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Why You Should Vote For Firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #77
I thought the Netherlands is a developed country. I cannot say the rate of adoption is very good. It is closer to 0. Same with the credit card. The costs and trouble, fees, taxes are higher as its benefits.
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The Netherlands are mentally developed and total leaders in the field of sex and drugs, abortion rate higher than adoption rate indeed, the use of bitcoin will save money at the end so guaranteed that Dutch adoption rate will follow :-)
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Thanks for the advice and caution. I hope Bitcoin meets it all new high soon and steem and all the other altcoins follow suit
❕ there is a heavy resistance on 6800$ to 6900$ area and Today Btc try to break it for the first time ,we predict price will playing in this area for a while time
🔹The best news is we are in up trend
Current price : 6760$ (in Bitmex)
❗️ There is support area on 6440$ to 6500$
✅ Next target is 7400$
Yeah I hope India will catch up with crypto soon. So platforms like coinbase and zebpay can start their services again. @firepower
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@firepower great insight 👌. Any expectations on steem price raising along with bitcoin?
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I think if the rally continues for the remainder of this year we could see $20,000 bitcoin by year’s end. Unfortunately, I think the more likely outcome will be bitcoin will drop to $5,000 in the next few months but end the year around $7,500. There just isn’t as much interest in crypto as there was back in 2017
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Any suggestions or advice on localbitcoins.com? since my money stucks in queue for days in bitbns.
OMG!!!!! I was reading your post and almost chocked on my water when I read VAUDREUIL QC!!!! Do you remember the name of the gas station? Wow. This is close to where I live. This makes my day lmao. I thought you lived in India and then I saw this omg 😍 i hope to see an ATM like that one day!