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Everyone is looking and waiting for the BTC bull run to start but I think we already in our bull run and have established a true bottom already. A lot of people were fooled by the FOMO pump to $13K early last year and think that we are possibly in jeopardy of going through the same fake out pump. What price do you feel is the true bottom? As a trader would you put your stop loss at the current bottom, $6K or $3500?
This year 2020 has been difficult, including for the btc, for the month of March its price fell to less than 4,000 USD, but with the passing of the months it has recovered its value and on December 16 it broke the barrier of 20,000 USD, Today btc is well above that price, with 2021 very close, analysts and experts predict that the price of btc will rise incredibly, I will comment on some reports that I have read. The creator of Stock-to-Flow, "PlanB", mentions that the price of btc will reach 100,000 USD this 2021, his prediction is based on the decrease in supply and the high demand that exists for btc, he mentions that btc has potential to even exceed $ 100,000. Citybank analyst Tom Fitzpatrick mentioned that the price of btc will reach the figure of 318,000 USD, it is based on the behavior of btc from 2010 to 2011, he estimates that the potential of btc is high enough to rise. We still do not know what will happen to the price of btc for this 2021, many more predict an increase in its price and perhaps others think that it will collapse, what do you think friends? I think we should save the btc that we can, this year 2021 promises good things, good luck my dear friends.
Bitcoin was created as a P2P Electronic Cash System. Its original purpose was to facilitate online transactions through a decentralized network where nodes are solving SHA-256 equations and producing blocks filled with transactions, without a third party authorizing or restricting them. Satoshi also capped the maximum number of Bitcoins in existence at 21 million and decided that the miners should be rewarded progressively for the security they provide to the network. This number (21 million) was this low because Satoshi understood that Bitcoin if succeeded and adopted it would be worth way more if it was also scarce. There is no exact explanation of why he chose this number. The added denominations of what we call now sats (satoshis) are a feature of Bitcoin, proving that Satoshi had in mind that Bitcoins price would be increasing. Scarcity is also a characteristic of the most popular store-of-value asset which is Gold. It is gold that investors are buying when the economic conditions are deteriorating and it is gold reserves that governments are trying to raise as beside gold being a metal used in many industries (jewelry, electronics, space tech, etc.) it is also used to protect the national currencies. Gold reserves can sustain the value of fiat currencies and help nations alleviate the effects of negative economic cycles (recession). Gold is the ultimate store of value asset. While Bitcoin has a different use case from gold, it is still not seen as a store-of-value asset but mostly as a speculative one. I am also skeptical on this matter so far (and undecided), still I can agree with many Bitcoin influencers that it is moving towards this direction. It did not prove this back in March when every investor rushed in cash (USD, bonds) and later gold, but I think this may change in the future. It might require two more halvenings to reduce miners reward a lot but perhaps it is possible for Bitcoin to achieve the market cap of gold (which is currently $9 trillion), during a period of 8-10 years. A 9 trillion dollar market cap would mean that price of Bitcoin will reach more than $400,000 which is looking extremely high, and it would certainly require mass adoption. After writing the above text, I remembered a chart which was created in 2014 and I found it in mid-2017. It predicted exactly the date Bitcoin hit $10K in 2017 and the next stop seems to be $100k in 2021. I guess we will be here and see if it will be correct again or not and we re-evaluate. I've read many similar predictions about Bitcoin's price and was always in disbelief. I tried to rationalize all these calls by famous Bitcoin influencers and found this explanation one of the most reasonable. An asset as gold is seen universally as a store of value and Bitcoin perhaps can manage to become digital gold. What do you think of the above? Do you believe that Bitcoin has a chance to become digital gold, a store of value, and achieve a price of $100K and even more?