There we go again. The price of Bitcoin rises to all-time highs. Bitcoin in USD rallied to 5406 today, a rally of more than 8 percent in just one day. That happens exactly one month after Bitcoin and other leading cryptos crashed. Back then, everyone was bearish. At InvestingHaven we do not get influenced by what others say but we follow the facts, and they looked bullish, as detailed in Cryptocurrencies and Bitcoin Price Crashing. Sell Or Buy The Dip?
Who remembers the disbelief in Bitcoin and cryptocurrencies of everyone and his uncle just one month ago? Let’s start by refreshing memories of readers:
- Collateral damage from the inevitable Bitcoin price crash (Forbes, Sept 12th)
- Jamie Dimon Beats Up on Bitcoin, Says It’s ‘a Fraud’ (Fortune, Sept 12th)
- Bitcoin price in a bubble, and here’s how it’s going to crash (CNBC, Sept 17th)
- China’s bitcoin crackdown forces exchanges to close. The price is crashing (CNN, Sept 15th)
- Why Bitcoin price crashes twice this week (Venturebeat, Sept 14th)
- Bitcoin is a fraud that will blow up, says JP Morgan boss (Guardian, Sept 13th)
Anyone can find any positive message about Bitcoin and other cryptos in all these articles? Good luck with that, we would say.
Exactly that same week InvestingHaven wrote this:
So, to answer the initial question, the 30% crash in cryptocurrencies has not done anything meaningful to the patterns on the chart(s), at least no yet. In this type of situation investors better wait to see what happens next. If (a big IF) this correction continues as aggressively as it is doing right now it could get concerning at a certain point. However, if this correction ends anytime soon, and prices stabilize, it would probably offer a very interesting entry point. We believe that Ripple could become one of the great outperformers in the next leg up.
And crypto prices, as well as the Bitcoin price, stabilized … they provided, in line with what we said, an attractive entry point. And Ripple did amazingly well in the last 3 weeks, it almost doubled!
Is it clear why following mainstream media is a recipe for catastrophe, while following the chart is the basis for success?
The price of Bitcoin, according to below chart, continues to be bullish (even if our bullish bitcoin price forecast for 2017 is largely exceeded meantime). However, we wrote in our recent report that investors better not chase prices higher, so be careful with entering at this level, do not go all-in but spread your entry.