It's Happening Right Now...

I'm not a financial advisor, so I can't stress enough that you should always do your own research before you part ways with your hard earned dollars, yens or euro's. I'm also your average crypto-brother however, so when there's some major news on the crypto-frontlines, I'm compelled to share it with my brothers and sisters...

Do you know what alt-season is? If not, let me quickly explain. Bitcoin is the granddaddy of all crypto currencies and is regarded as "digital gold"; it doesn't have the fastest transaction times, not the lowest transaction fees and isn't designed to be easily programmable. So while it started out as a digital currency, it has evolved in an asset to store value, much like gold has been for thousands of years. Some three weeks ago I shared with you in my post End Of The Rainbow the huge potential bitcoin has to increase in value in the current bullrun. This bullrun is expected to last until the end of this year at least, maybe a little bit longer, and it's expected to be a bumpy ride, just like it's always been, with sharp rises, steep falls and periods of dull sideways price-movement.

Well, three weeks ago I reported that bitcoin had risen from 19,000 to 34,000 dollar; since then the price has been going up and down between 32,000 and 34,000 dollar. We're in one of those dull sideways trajectories right now. So, for some weeks now the technical and fundamental analysts have been predicting the start of what's called the "altcoin season". For bitcoin's entire decade of existence there have been some ironclad rules established, of which this altcoin season is one. That is, for so far we can speak about rules for assets as young as bitcoin and other crypto currencies. The rule is that during bitcoin's bullruns bitcoin's price will rise first, and whenever bitcoin's price enters a period of sideways action, the altcoins will follow, ethereum usually being one of the first. Well, we weren't disappointed this year; ethereum has broken its all time high twice by now. At the end of 2017 and in January 2018 ethereum's price peaked at approximately 1425 dollar; on 19 January it shortly peaked at 1438 dollar and yesterday on 25 January it touched 1475 dollar...

While I'm writing this, bitcoin as well as ethereum are still showing a lot of volatility, which means ethereum hasn't broken out definitively yet. And also, there's some wonderful news I want to share with you, news that makes me doubt if we're really ready to enter the altcoin season, or if we instead need to prepare for another shot to the upside for bitcoin, or neither, or both; you never can know for sure, at least not at my level of understanding of these markets. The news is wonderful in any case though, and can be seen in the below linked video. What it amounts to is that there's a good chance that come February we'll see another major inflow of institutional money into the crypto sphere; on Wednesday, February 3rd and 4th, MicroStrategy's CEO Michael Saylor will be hosting a conference for CEO's of major companies to help them invest a portion of their business's treasury into bitcoin, including presentations of dignitaries from Binance, Coinbase, Gemini, Kraken and Grayscale to name a few.

And look, there's also still a chance that bitcoin will correct further downwards, according to some technical analysis, to major support levels of 28,000 or even 22,000 dollar, before going back up; I can not stress enough that no one knows for sure and that you always need to do your own research. Having said that, you can see the full agenda of Michael Saylor's workshop, and register for the conference if you're a billionaire CEO who's interested in joining the crypto-sphere, on MicroStrategy's bitcoin page: Bitcoin for Corporations. I'm just happy and excited to see these developments; we've talked about this for years now, and it's satisfying to see the rest of the world slowly but surely come around to see our point of view...

Thanks so much for visiting my blog and reading my posts dear reader, I appreciate that a lot :-) If you like my content, please consider leaving a comment, upvote or resteem. I'll be back here tomorrow and sincerely hope you'll join me. Until then, keep safe, keep healthy!