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Bitcoin bullish or bearish

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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.

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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.

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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.

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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. 

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