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Bitcoin: One Day Does Not Make A Market

On Sunday Feb 24th we published Cryptocurrency Alert: The Crypto Winter Has Ended. We are convinced this is a great call, and many crypto investors will look back at a later point in time regretting they did not take this seriously. Interestingly, we got messages from readers questioning our call especially because Bitcoin (BTC) dropped 8 pct the day after. Things are very simple according to us: one day does not make a market. Period. We are on record calling for our Bitcoin forecast of $24k to materialize in the next 18 months. We are on record confirming our 5 long term cryptocurrency predictions. We are on record with our $20 XRP forecast. We are very serious about it!

It is really interesting what is happening in the crypto market from a sentiment perspective. Crypto bulls have given up. They cannot believe that there will ever be any improvement in this market.

We love this, we really do!

It means that the bear has run its course. It has beaten down almost every bull out there.

So what happens if the bear has done what it could do, and there is hardly any bull left? Indeed, it will take a rest, likely fall in a deep sleep only to find himself wake up surrounded by a large number of bulls. Impossible to fight back at that point in time!

This analogy is obviously meant to paint a picture of the sentiment in the crypto market.

This is what we said in our exclusive membership area in our crypto investing research service:

It is clear that many are scared to death to get into crypto after the vicious sell offs in the last 14 months. With every small price increase people want to lock in small profits and are afraid that a hard sell off is just around the corner.

Note that this one quote is part of an email alert with a word count of 1650 words to premium members on Monday.

We included in our latest alert to our premium crypto members, sent out on Monday Feb 25th 2019, the highest number of buy alerts so far in 14 months!

The subject of our latest alert: Buy alerts everywhere. As forecasted, 2019 is a great year to accumulate extremely undervalued crypto assets!

Yes, as everyone gets beaten down, we start getting more aggressive. That’s because we apply this one success formula: ‘buy low and sell high’. That’s the antidote against ‘fear of missing out’. Got it?

Let’s make our point clear once again: from a financial media perspective as proven in this article Bitcoin’s Long Term Chart is Bullish there is an almost unanimous voice and thinking that Bitcoin can only go lower and will fall to $1000. As always the more folks believes in one outcome the higher the probability of the opposite to happen.

Bitcoin seems to have calmed down after its epic decline through $6k support. It is now either trading sideways in a range between $3250 and $4500 OR it is on its way to $1k. We said the former scenario is playing out. One day after we said so Bitcoin retraced 8% and readers reached out questioning our viewpoint. Things are very simply according to us: one day does not make a market. Investors that are stressed because of one-day movements in Bitcoin should better stay away from crypto investing.

“It is happening” in the crypto market.

We are really seduced by the rounding bottom formation that is visible on Bitcoin’s daily chart embedded below. Note how different this setup is compared to the one of 2018. A rounding bottom has a bullish nature, especially the higher lows since mid-December should not be ignored!

In closing, we continue to feel strong that Bitcoin is still the largest cryptocurrency in terms of market cap. As per our forecast XRP will take over from Bitcoin and we wrote about this extensively in this article on Medium.com: Why Bitcoin Futures Will Fuel Ripple’s XRP Price.

Ed. note: Become a member and get instant access to our latest buy alerts to acquire undervalued crypto assets >>

bitcoin one day does not make a market

 
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