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October 18th, 2017- In This Issue:
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Bitcoin Price Alert! Bitcoin Down 8% @ $5,135
Needless to say I've already fielded 6-7 calls and have texts and emails all asking the same question. Why is the price dropping, what's happening, has China banned bitcoin again? Rather than repeating this over and over on an individual basis, we decided to make it our market commentary for today.
Bear in mind that a market that goes straight up is much more dangerous than a market that has an ebb and flow as we are seeing here. This profit taking/correction/short selling is a sign of a healthy bull market.
Smart money buys the dips.
Traders sell when they think the price has encountered resistance, if the price drops they add more short positions until the price stabilizes.
After establishing a new support level they'll buy long again.
Average Joe investor should buy only for the long term. Gold 2.0-bitcoin as a hedge, safe harbor, long term investors should buy the dips and hold for 3-5 years anyway. Ignore the short term price gyrations add more as time goes by. Check the price once per year and start selling at 50k, then enjoy your life.
We think the price may fall as low as $4,800, but we could be wrong, darn crystal ball is on the fritz again.
Another way to look at it would be that bitcoin is on sale again and you can get a 10% discount today.
And always remember that if we don't have any major news to propel the market one way or the other than the price is likely to decline as the price consolidates, which is a sign of a healthy market as well.
We believe that 3-5 years from now bitcoin will be trading in the $25k-$50k range and that looking back at $5,000 Bitcoin will be viewed as a bargain.
Tell your friends, the relatives you still like and anyone else you truly care about, about bitcoin, give them a chance to take advantage of what may turn out to be the greatest opportunity for financial gain in a generation.
Happy trading and good luck to us all.
Visit
BitvestIRA
for information on using your IRA to invest in bitcoin at 20% below spot price. Or call us directly with any questions at 1-844-BIT-VEST (1-844-248-8378)
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| How Bitcoin gets to 1 Million Dollars |
| Bitcoin Just Had Its Biggest Drop in a Month |
Traders waiting for a pullback in bitcoin's price to rebuild positions in the world's largest cryptocurrency may have the U.S. Commodity Futures Trading Commission to thank.."
In a primer on the asset class published Tuesday, the agency said virtual "tokens" used in initial coin offerings can come under CFTC oversight, a message that a market averse to scrutiny did not take well.
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Industry Experts Believe Bitcoin Headed to $6,000
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Bitcoin liquidity, adoption
With the price of Bitcoin climbing toward the elusive $6,000, the reasons behind this rise are a point of contention. With the industry in an uproar, some market leaders link the rise in price to the increase in Bitcoin liquidity. For example, Luis Cuende, cofounder of
Aragon
said:
"I think the rise in Bitcoin prices reflects the enthusiasm that the public has into Bitcoin being a digital currency and new technical solutions like SegWit, that enable more scalability and new solutions for instant payments."
Bitcoin vs. gold, other assets
A
dditionally, beyond the liquidity issue, Bitcoin is also carrying its weight as an asset in itself, and has even been suggested as a reserve currency. According to Yonatan Sela, SVP Business Development,
YouNow
:
"The soar in the price of Bitcoin isn't surprising, and I expect that while price fluctuations will continue, in the long term Bitcoin will continue to rise in price far beyond $6,000, especially if you buy into the thesis that Bitcoin could become the prominent digital reserve currency. The main reserve currency in the world is gold, with a market cap of ~$7 trillion USD. Bitcoin is currently at ~$94 billion which is less than 1.5% of that. Even if it stays just 2% of gold, it will surpass the $6,000 price point."
Read More...
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Healthy Pullback? Bitcoin Price Dips Back Below $5,300
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Bitcoin may be witnessing a healthy pullback.
After having rallied more than 90 percent from a September low of $2,980, the bitcoin-US dollar (
BTC/USD) exchange rate is trading at $5,240 today, a figure that, at press time, marks a new daily low. As per CoinMarketCap, the cryptocurrency has shed 7.37 percent in the last 24 hours. Week-on-week, BTC is up 9.9 percent, while month-on-month it is flashing 29 percent gains.
Still, with prices having jumped
above $5,000 (the previous all-time high) on Oct. 12, what we are witnessing today might be best considered a healthy correction, courtesy of overbought technical indicators.
For example, demand for bitcoin jumped last week, reportedly on speculation that the hard fork in November
may benefit buyers with the creation of new cryptocurrency (as in August when investors were allotted newly created
bitcoin cash).
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RUSSIA PLANS 'CRYPTORUBLE' CRYPTOCURRENCY: 'IF WE DON'T DO IT, EUROPE WILL'
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Russian President Vladimir
Putin has officially stated that Russia will issue its own 'CryptoRuble' at a closed door meeting in Moscow, according to local news sources. The news broke through Minister of Communications Nikolay Nikiforov.
According to the official, the state issued cryptocurrency cannot be
mined and will be issued and controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the CryptoRubles came from, a 13 percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale. Nikiforov said:
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Copyright © 2017. All Rights Reserved.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. BitvestMint llc does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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