Jump to content
Sign in to follow this  

Bitcoin bullish or bearish

Recommended Posts

Hi, I'm wondering what the overall consensus is amongst IG users on BTC/USD. Bullish or bearish?

I'll start - Bullish - 25k by end of Jan. But if it breaks 12k (50 day MA), bearish.

Share this post

Link to post

I am bullish for Bitcoin.


I believe it will ultimately be used as the 'equivalent' of the gold standard in Cryptocurrencies. It will go down in history as the origin point of bringing Blockchain to the market and also Cryptocurrencies. I believe that the alternative crypto's that make it could be pegged to Bitcoin as it could possibly be used as a digital store of value. 


I am also bullish for Ether, Ripple, Litecoin, Dash, IOTA and Stellar.


By the way it did break 12k, I think it hit around $10.6k or thereabouts during the build up to Christmas Day. 


I am also bullish because there is a limited supply of Bitcoin so as it becomes more scarce as the quantity mined will become expensive and limited, I feel the price will rise. 


I am also bullish because ETF's have yet to take off for Bitcoin and institutional investment is yet to come in and when these do I can only see the price increasing. I think $20k is on then after that it is anyone's guess. Bitcoin has increased in value even quicker than the so called 'experts' expectations and predictions. If it hits $1 trillion market cap which will only still be 1/8th of gold's market cap then the Bitcoin rally still has a long way to go.

Share this post

Link to post

I agree with everything you said, but do you think there is a chance we will enter a long term bear market, like in 2013, when it broke through 1000 and then tumbled down, and took 2 years to recover... This may be possible, because although it has huge potential, it will take a few years until it enters the mainstream, and until it does, it's pure speculation.

Share this post

Link to post

I have absolutely no idea.


As a trend follower, I mainly focus on price action and volume. If the trend changes then you exit the position. Whilst the trend is still in tact then you hold your position. 


Therefore to me it does not matter if there is a long term bear market. The invested capital has to flow somewhere and it is about spotting where the capital is shifting towards in a bear market and spotting that trend. During bear markets there will be lot of shorting opportunities. 


If the trend reverses on Bitcoin then simple, we must short it and make money whilst it goes down. However, at the moment the short is only on during very short 24 hour - 48 hour periods. Shorting Bitcoin really is for professional day traders at the moment. 

Share this post

Link to post

Your content will need to be approved by a moderator

You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • IG ISA Season

  • Member Statistics

    • Total Topics
    • Total Posts
    • Total Members
    Newest Member
    Joined 18/03/19 16:55
  • Our picks

    • Flowless rally - APAC brief 18 Mar
      A flowless rally: It’s being dubbed the “flowless rally”. Equities are ticking higher, but without the fundamental buying-support one might assume. This is especially so when considering the milestone achieved on Wall Street on Friday. Finally, the 2815 resistance level has tumbled, and the bulls have cautiously, quietly rejoiced. There are yellow flags popping up here and there, however, and that is making participants wary. It goes back to this “flowless rally” business: the latest leg of global stocks big recovery isn’t being supported by investor flows. In fact, investor flows look to have diminished somewhat. The reasoning behind this move is somewhat speculative. The impact of share buybacks is one popular argument. Whatever the cause, confidence isn’t accompanying this rally.

      Economic conditions deteriorating: Maybe market participants are still scorned from the market correction in 2018. A bitterness and cynicism stemming from that is understandable. Much of the frustration comes, it would seem, from a widespread recognition that this rally has come in the absence of solid fundamentals. On the contrary, if looking at the macro-outlook, there are more reasons to be bearish than bullish right now. Global growth is (almost) irrefutably slowing, and some of the geopolitical sore-points dictating sentiment, like Brexit and the US-China trade war, are showing little new signs of progress. A major factor keeping this rally alive in riskier assets, perhaps concerningly, is a little case of “fear of missing out”.
      • 0 replies