Log In

Why Bitcoin Could Reach $23,000 Soon



Bitcoin has been facing off against altcoins as people shift their funds from “useless” Bitcoin into altcoins they perceive as useful (which are often useless as well).

Steemit Post: https://steemit.com/bitcoin/@cryptovestor/why-bitcoin-could-reach-usd23-000-soon

In my last video, I mentioned 3 potential catalysts that could cause this money to shift back into Bitcoin:

1) Hard fork with a lot of hype

2) Lightning Network which changes narrative from “Bitcoin is slow and useless, hence will die” to “Altcoins only advantage, speed and affordability, just was erased and Bitcoin already has the brand and business support.” Even if it DOESN’T end up being true, the average crypto investor will likely feel this way.

3) Signs that more institutional investors will jump on board, such as news on additional derivatives and ETFs

Once eyes shift back onto Bitcoin, I suspect its market dominance will increase from its current level all the way up to 50% again. At the current cryptocurrency market cap, that would put Bitcoin at $23,000.

This is a fairly rudimentary and optimistic analysis. The last time we saw Bitcoin dominance fall this low was because of the threat of the Flippening (Ethereum taking over Bitcoin in market cap). When this occurred, Bitcoin recovered its dominance through a cryptocurrency selloff rather than a boom back in July (see video). While Bitcoin sold off from $2,650 to $1,900, its dominance soared from 37% to 50%.

Why did this happen? Because of “flight to safety” – as insane as it is due to its volatility, Bitcoin is actually the “safe” asset in this crazy market. It’s also a quality asset as it has had a long track record along with huge community and developer support. What followed everyone is aware of: The crypto market went boom and Bitcoin retained its 45 – 55% market dominance for a while.

However, from October to December, Bitcoin had a crazy bull run which shifted dominance up to above 60%. Just last month, Bitcoin’s dominance reached 65%. Yet everyone is certain that dominance will continue to tank due to being at an all-time low. I disagree with this assessment and believe a recovery to 50% (which Bitcoin has tended to hover around over past few months since the altcoin boom last year) is in the cards soon.

Even in the event that the market goes down, Bitcoin remains a safer option than other cryptocurrencies. For the record, this means I am NOT selling Bitcoin at $17k anymore. In the event of a continued cryptocurrency bull run, Bitcoin is well positioned against other cryptocurrencies and could easily see $20k+ soon. What are your thoughts?

================
If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me – everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently.
================

My Recommended Hardware Wallets:

Ledger Nano S: http://amzn.to/2hZPj0q
Trezor: http://amzn.to/2AxD9TN
Ledger Blue (expensive): http://amzn.to/2hk7xst

================

My Favorite Book for Investing in Crypto:

Cryptoassets: http://amzn.to/2zKDdCF

This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.

It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
================

My Recommended Exchanges: Coinbase / GDAX / Bittrex

https://www.coinbase.com/join/5a08b12e305a1401d79d10e0

If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
================

Legal Stuff: I am a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by linking to Amazon.com and affiliated sites.

None of what I provide in my videos is investment advice. Please do your own due diligence.
================

My Platforms:

Twitter: https://twitter.com/Truth_Investor
SteemIt: https://steemit.com/@cryptovestor
Medium: https://medium.com/@Truth_Investor
Seeking Alpha: https://seekingalpha.com/author/truth-investor/articles

source

22 comments

  1. Crypto Investor 11 January, 2018 at 21:43 Reply

    UPDATE: Surprising amount of people who don't get why I suddenly turned bullish after being bearish, not seeing what changed in just 6 days so let me break it out. When I made the bearish video on Bitcoin, the total market was at $550b (go check it out in that video). I said during that video that I suspected Bitcoin to fall, but that I liked Bitcoin over altcoins as I suspected it would do better during a fall.

    Now the altcoin market has boomed and the total market cap of cryptocurrencies has gone up to $770b, or about 40% increase. $145b of that went into altcoins. I suspect a lot of that capital will shift back to Bitcoin – meaning that EVEN IF the market declines and EVEN IF no capital comes into the market, Bitcoin has tons of room to grow. Why? Because I think dominance will go back to 50%. Why? Because of the three catalysts I mentioned in this video as well as last.

    Original Comment:

    I think Bitcoin has some real potential to explode soon. Obviously I am prepared for the opposite to happen, but I'm betting my money (and portfolio allocation) on it. Here are my written thoughts: steemit.com/bitcoin/@cryptovestor/why-bitcoin-could-reach-usd23-000-soon. Want live updates from me? Check my Twitter out: twitter.com/Truth_Investor.

  2. Cross Bones 11 January, 2018 at 21:43 Reply

    You are a huge wealth of information for a new comer like me, thanks for all the info
    I have leaned a lot by watching your videos, Please keep up
    with the good work.

  3. Kercova187 11 January, 2018 at 21:43 Reply

    SwissBorg There is a Swiss token CHSB which will overtake everything in 2018 🚀 there is information that Roger Silverstein should have invested the son of Larry Silverstein 🧐

  4. Tiny Room Studio 11 January, 2018 at 21:43 Reply

    you mentioned that most people don't use cryptocurrencies, they're just investment vehicles. i've been wondering about that.

    are there some coins that are bought more or even primarily for use? if so, how do they perform as investments vs the more "investment only" coins?

    thank you

  5. Strikersix 11 January, 2018 at 21:43 Reply

    only 23k? why not 30 – 50? although now that the usdt exchange appear to be losing their position on top, I don't expect too see the same crazy gains we'd been seeing, which is deep speculation and hopefully completely untrue.

  6. Ryan D. 11 January, 2018 at 21:43 Reply

    Some in this comment section are absolutely retarded drama queens. Of course market analysis will change with an ever changing market. Lol it's not that complicated

  7. Jerry Lundgren 11 January, 2018 at 21:43 Reply

    Hi, you have to warn people from using Coinbase and GDAX, i send money from Poloniex to GDAX. The money went through Coinbase, and stuck there. The transaction say complete on Coinbase but for the last 10 days no money is coming thru to GDAX. I have triad to write them everyday with no response, they are stealing peoples money. I am not the first and not the last, take your money and run, and please make a video warning people from them. I have lost a lot of money just like many others https://se.trustpilot.com/review/coinbase.com

Leave a reply