Bitcoin is going up
Bitcoin is in a crazy positive trend and we may even see 10,000 this year. (however, I find this unlikely as we will probably go up some more and then face a price correction)
Explanation
Now that the hardfork is out of the way, investors feel more confident in their purchase/investment. Also, the fast-increasing price and positive media is creating a greed trend. (similar to what we've seen before) When Bitcoin goes up the media is positive, but when Bitcoin goes down the media is negative. This makes the price of bitcoin very volatile.
Additional reasons for bitcoins price increase are as follows. Bitcoin is and will continue to slowly replace and crush shitcoins (aka bitcoin clones). These are coins that were created after bitcoin and are basically the same, but with a few minor improvements. Examples are, Dogecoin and litecoin. And yes, your favorite bitcoin clone may still have a positive price increase, but I would bet my money that it won't last. Many of these clones are just riding the positive trend of the market. Investors will start to take their cash out and put it into functional alt coins (like ethereum or steem) or put it into bitcoin. This will create lot of negative pressure on the various clones and they will probably crash. The fourth reason that bitcoin is going up is the improved function. Now that bitcoin is faster and cheaper than ever before more third parties will began to accept and use bitcoin in their services. This will also put massive positive pressure on the bitcoin price.
Should you buy?
It’s an interesting question. Nobody can know the future for sure, but bitcoin is probably going to go way past the $10,000 mark in the next 2 years. So, my answer is the same answer that I always give about buying bitcoin. Yes, it’s a good buy, you just have to be willing to hold through the downward trends. You never lose until you sell.
In summary
Bitcoin is going up because of 4 reasons.
- The hardfork is out of the way = investors gain confidence
- Greed cycle
- Bitcoin is replacing its clones
- Bitcoins new improved function
What do you guys think?
{ Think more, Listen less } - @edolo