MY OUTLOOK ON BITCOIN!
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Hello fellow traders and investors, here's my outlook on Bitcoin. Bitcoin has recently sold off from all time high's and at these price levels I think it would be a very appealing investment for most investors.
What is Bitcoin?
Bitcoin is a digital currency also called cryptocurrency that was created by Satoshi Nakomoto. The difference between a typical currency and Bitcoin is that cryptocurrencies typically use what's called Blockchain. Blockchain is a database where information is collected and stored on a computer system. This data is collected in groups typically called ''blocks''. Blocks have a certain storage capacity and when filled it is then chained to the previous block.
What is Decentralization?
The system used known as Blockchain creates a decentralized currency since it isn't controlled by one individual. A decentralized system has many benifits including: lower fees, not directly affected by inflation or deflation like a normal currency, insulates customers from bank failures and collapses.
Regulations?
It is extremely hard to regulate Bitcoin and other cryptocurrencies because of it's blockchain technology that has made Bitcoin decentralized. The regulations are minimal and vary per country.
What makes Bitcoin price increase?
The supply for things like stock can be changed by issuing more shares however for Bitcoin it is most likely never going to creat more because that is how the founder Satoshi Nakomoto set it up. With the increase in demand for bitcoin the supply gets lower raising the price people are willing to pay for it. The increase in demand can be because of many things like media, speculation, Elon Musk and starting to get accepted by diverse companies like PayPal.
Forecasts:
I am personnally forecasting that Bitcoin will reach 500 000$ by 2025 and 1 000 000$ by 2030. These are my conservative estimates for Bitcoin.
Ray Dalio VS Warren Buffet:
Warren Buffet and his partner Charlie Munger aren't the biggest fans of cryptocurrencies and says that Bitcoin has no underlying value. However, he also isn't interested in purchasing gold which uses a similar approach to Bitcoin. Ray Dalio was also not a bull on Bitcoin at first but recently he has shifted his perspective and has even purchased some.
Technicals:
Bitcoin has recently been selling off and looks like it has found a support however it has formed a descending triangle on the daily timeframe and the descending triangle tends to be a continuation of trend which has been bearish in the past weeks which leads me to think that Bitcoin will keep selling off. Either way I will not be purchasing shares unless it breaks out to the upside however if it keeps selling off I will be looking for a support level around 20K. I personnally think that Bitcoin will break out to the upside but for now we will have to wait and see.
I hope you enjoyed this analysis on Bitcoin.
If you enjoyed leave a like, follow, share and comment your thoughts.
If you have any questions send me a message and I'll gladly respond.
Thanks!
Hello fellow traders and investors, here's my outlook on Bitcoin. Bitcoin has recently sold off from all time high's and at these price levels I think it would be a very appealing investment for most investors.
What is Bitcoin?
Bitcoin is a digital currency also called cryptocurrency that was created by Satoshi Nakomoto. The difference between a typical currency and Bitcoin is that cryptocurrencies typically use what's called Blockchain. Blockchain is a database where information is collected and stored on a computer system. This data is collected in groups typically called ''blocks''. Blocks have a certain storage capacity and when filled it is then chained to the previous block.
What is Decentralization?
The system used known as Blockchain creates a decentralized currency since it isn't controlled by one individual. A decentralized system has many benifits including: lower fees, not directly affected by inflation or deflation like a normal currency, insulates customers from bank failures and collapses.
Regulations?
It is extremely hard to regulate Bitcoin and other cryptocurrencies because of it's blockchain technology that has made Bitcoin decentralized. The regulations are minimal and vary per country.
What makes Bitcoin price increase?
The supply for things like stock can be changed by issuing more shares however for Bitcoin it is most likely never going to creat more because that is how the founder Satoshi Nakomoto set it up. With the increase in demand for bitcoin the supply gets lower raising the price people are willing to pay for it. The increase in demand can be because of many things like media, speculation, Elon Musk and starting to get accepted by diverse companies like PayPal.
Forecasts:
I am personnally forecasting that Bitcoin will reach 500 000$ by 2025 and 1 000 000$ by 2030. These are my conservative estimates for Bitcoin.
Ray Dalio VS Warren Buffet:
Warren Buffet and his partner Charlie Munger aren't the biggest fans of cryptocurrencies and says that Bitcoin has no underlying value. However, he also isn't interested in purchasing gold which uses a similar approach to Bitcoin. Ray Dalio was also not a bull on Bitcoin at first but recently he has shifted his perspective and has even purchased some.
Technicals:
Bitcoin has recently been selling off and looks like it has found a support however it has formed a descending triangle on the daily timeframe and the descending triangle tends to be a continuation of trend which has been bearish in the past weeks which leads me to think that Bitcoin will keep selling off. Either way I will not be purchasing shares unless it breaks out to the upside however if it keeps selling off I will be looking for a support level around 20K. I personnally think that Bitcoin will break out to the upside but for now we will have to wait and see.
I hope you enjoyed this analysis on Bitcoin.
If you enjoyed leave a like, follow, share and comment your thoughts.
If you have any questions send me a message and I'll gladly respond.
Thanks!
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