My new year resolution for 2018 is to buy more Bitcoin!Let's log this chart and take a look at what BTC did before it became mainstream, and how far we could potenially go in 2018!
I have waited a long time for this, but yes, Bitcoin has become mainstream!
Fundamentally
Everybody around me is talking about crypto now, and not only Bitcoin. More and more are engaging slowly with the space.
Now this happened before last bubble bursted as well, but, fundamentals have changed for the better and I still see room for growth!
People now are trusting the technology, maybe not the majority of old people, but millenials are really embracing cryptocurrency!
The masses have finally realized all the amazing technological improvements crypto brings to the table :D
What's also very important to look at is the BTC dominance in marketshare.
Right now it's at 35.7% . It was just at ATL. Over time this will keep happening as more and more coins gets added to coinmarketcap.com (I am taking my numbers from there) .
However, it shows me two things.
One , that BTC has underperformed the market in the last weeks, which is a bullish sign for short term.
And two , that its far from impossible for BTC to go above 20k. We have had some insane percentage gains on some of the few big ones already.
So, lets see whats the latest surrounding Bitcoin.
The big one today is Zuckerberg post!
It looks like he will dedicate 2018 to look into crypto and how it can be used to Facebook and their services.
Now this takes minimum a long time, and not even guaranteed that it will be Bitcoin when the time comes.
But it's big for the cryptospace when people like Zuckerberg comes out with statements like this. It legitimizes the techology, makes it more attractive.
I also see a post about a quote from Google CEO , no idea why that got so much attention.
Quote is like a couple years old and dont even know if its legit..
The huge problem with Bitcoin right now is that its barely usable and very expensive to do so.
We need lightning, we need atomic swaps.
Here is an interesting tweet from Jameson Lopp.
But as long as Bitcoin is unusable, it's crown will get weaker and weaker.
Technical
This is a very long term chart. It's on the 1W, and its on log.
You can see I have calculated the percentage increase from the entire last major bullrun. It turned out to be 22,900% .
If I go by 230 USD as the low for this bullrun, I get 52,900 USD on a 22,900% increase. There is also the 2.618 fib at 51k , so would be a place with heavy resistance.
Could history repeat itself?
It's hard to say, but BTC is in my portfolio, and I will keep updating this idea through all 2018 :)
