Bitcoin Price Predictions are Tricky!
While we have all our own opinions about the ups and downs of the crypto market, please don’t forget that trading isn’t just technical nor are the results foreseeable. In our current situation, we have a strong social aspect that needs to be considered when making bitcoin price predictions or predictions for other cryptocurrencies.
1. Bitcoin Popularity
Two years ago, when we were in a very similar situation, BTC was far less known than it is today. Now we have a lot more people with average and even above average knowledge about Bitcoin and other Cryptocurrencies.
Two years ago, the concept of making a quick buck with buying Bitcoin and becoming rich in an instant, has been witnessed by many people. Hundreds of success stories have been shared around and the media covered the Bitcoin story over months in daily broadcasts.
While this increased the popularity, the fall of the empire, that followed shortly after, when the Bitcoin price declined by 70+% in no-time, cooled down the public interest quickly. An increased FOMO had led to ‘last minute’ buys, just before the decline and a lot of people have lost a lot of money. That didn’t help much to make Bitcoin more popular.
The Dragon and its Master
But now the dragon has awoken. It was wakened up by its master, the USD! A huge 110 million injection right in its heart on April 2nd 2019 and the beast started to get up on its feet! In the meantime, it has already found it’s way out of its cave and has just started to fly.
The dragon is fueled by international FIAT currencies of the masses! The same masses plus some of their offspring, that have missed out on the last bull-run, two years ago, when Bitcoin surged to almost 20,000 USD.
So, beware the dragon when making a statement about a price decline. The masses are just getting aboard and there is a huge waiting line… Come on folks, even my brother bought a ticket for this trip and it didn’t even take any convincing this time. FOMO is back and nobody wants to miss out!
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