New Year, New Market Cap High in Bitcoin

On December 7th with Bitcoin at ~$770 I posted you had your last chance to buy before a run to $1,000.

Today Bitcoin hit $1,000. That’s ~25% return in less than 30 days.

What now? Well, here’s a possible scenario:

screen-shot-2017-01-01-at-1-33-40-pm

I don’t like the vertical upward trend. It’s too volatile, however the long term trend is the cup and handle. Target: $1,400 for a buy and hold. It’s going to be very choppy so if you act have a strong hand and you’ll be rewarded nicely.

About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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8 comments

  1. Great job, you have been nailing this. Thanks for the posts.

  2. What do you think of Ethereum? I believe Ethereum will most likely replace Bitcoin and be used by the finance industry.

    • Ethereum is a great concept but it has fatal flaws. The programmability makes it ill suited as a final store of value.

      Ethereum’s best and final purpose will be as a transaction layer where it can fork the code over and over in a fail fast and fail often scenario so the functionality can evolve. Settlement of the actual value of those transactions will be handled by a true cryptocurrency like Bitcoin.

      With that said I think Ethereum could have an epic run near term due to Bitcoin hype, liquidity and newbies. I am staying on the sidelines with ETH at this time.

      Gun to my head the only alt coin I like is Monero.

  3. Monero is what I am looking at. But why can’t the two exist? Why does there have to be one ultimate universal do all crypto? Just stupid random thinking out loud.

    • Bitcoin has been around since 2009 and hasn’t been hacked. This means Bitcoin is the most trustworthy, reputable and immutable coin around.

      Other coins have some cool features but no one is storing a cool $125M in a single wallet on any alt coin like the top two addresses here: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

      Other coins may survive but Bitcoin has first mover and network effect advantage plus trust. That’s really important for crypto currencies. Other coins may challenge Bitcoin but Bitcoin is the King. All hail the King.

  4. Monero was added to the Kraken exchange today. It’s up ~15% on the news.

  5. Great call, but how do you suggest individuals who can’t invest in GBTC play Bitcoin? Again, impressive stuff on your part.

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