The Asset Class of the Decade With 9,000,000% Gains Is Still in Danger of A Crash to $5,500
- Bitcoin is ending the year at gains just below 90% around $7,150
- While the asset class of the decade was recording 9,000,000% gains, mainstream media has been writing an obituary for the digital asset
- $1 million might be on the horizon as per Bitcoins but in the short term, $5,500 still a possibility until we break $8k
Bitcoin is officially closing the month around $7,150. We started the year at about $3,360 that took us to $13,900 at the end of June. But ever since, BTC continued its descent, falling to $6,200 in mid-December.
Now, we have capped the 2019 gains just below 90%.
Despite these gains, in comparison to the 2018 losses when we crashed 84% from the all-time high, this hasn’t been a spectacular year but it’s a start that looks better on a log scale.
Looks a lot better in Log pic.twitter.com/sXaL4n7dDF
— 🌚Timeless_Being🌍 (@Timeless_Crypto) December 30, 2019
Overall, with 9,000,000% gains, Bitcoin has been the best performing asset of the decade. While Bitcoin has been enjoying its parabolic rise, during that time, the mainstream media has been writing its obituary.
From being labeled “expired” by Wired when BTC was trading at $13 to Reuters writing an “early obituary” at $821 and “Fool's gold”, Wrong”, “Ponzi,” “Joke,” “Ash heap”, “Disappointment”, and “Spells doom,” from news sites like Bloomberg, NYTimes, Business Insider, USA Today, and CNN, among others, Bitcoin has heard it all.
And while BTC has rising to be the best performing asset class of the decade, the S&P 500 just tripled in that period and gold has been up a mere 25%.
But now moving into 2020, Bitcoin would be in its next stage as David Tawil, president of ProChain Capital told Bloomberg,
“Certainly the numbers are what appeals to investors. The next 10 years need to be a totally different stage of growth based on totally different factors than the first stage.”
During its next decade, CoinList’s Andy Bromberg said,
“Bitcoin is finding its own narrative as digital gold. It feels like that narrative is picking up steam and it’s breaking away on its own. I would define success for most crypto assets as doing exactly that.”
As for the BTC price, Bitcoiners see it climbing to $1 million dollars.
Where will Bitcoin be in 10 years?
— Mati Greenspan [not trading advice] (@MatiGreenspan) December 29, 2019
In the short term meanwhile, trader Cold Blooded Shiller says on the basis of Bitcoin Wyckoff schematics, from a volume perspective BTC’s drop to $6,200 didn’t scream that it was the bottom. He is expecting to see $5,400 that would be the bottom of the flagship cryptocurrency.
— Cold Blooded Shiller (@ColdBloodShill) December 31, 2019
TraderXO is of similar opinion who sees BTC going to $5,500.
“Apparently they say the lows are in after a few weeks of consolidation…Might want to zoom out a little, break the channel and reclaim 8k first,” he said.