Positive Sentiment Builds In For Bitcoin and Cryptocurrencies At The Advent Of 2019
January 6th, 2019
2018 was a terrible year for Bitcoin and cryptocurrencies as most of the coins recorded over an 80 percent fall. But with the start of 2019, the sentiments around the analyst and investors’ community is somewhat showing a positivity as a lot of investors believe 2019 will be the year for Bitcoin and cryptos.
Cryptocurrency boom to begin, soon echo investors
The start of 2019 and Bitcoin’s 10th anniversary led to moments that have filled in a lot of positivity in the cryptocurrency space. While 2018 was a bad year for most investors, 2019 brings in a new ray of hope as most on the street believe cryptocurrencies are due for a boom. While cryptocurrencies have #BUIDL and have grown fundamentally strong in 2018; many in the crypto-sphere believe that its now time for prices to show confidence and translate the real #BUIDL into value for the projects as well as for investors.
A few notable personalities have already voiced their opinions to various media houses and it looks like this could be a year when prices may definitely see some significant appreciation.
Clem Chambers, an author on Trading Cryptocurrencies, was quoted speaking to the media mouthpiece- Standard, where he mentioned that he had invested between $1,000 and $2,500 on most of his initial Bitcoins and sold them at $18,000. While he has made merry from the previous bull run, he still feels another boom for the cryptocurrency in the future. He quoted,
“Bitcoin will boom again in a year and blockchain/cryptocurrencies and other applications will define the next 25 years in the same way as online/dotcom has defined the last 25,” he said. “Bitcoin is the tip of the spear and the tip of the iceberg. In both cases, you want to be at the right end of it and you don’t want to have the wrong positioning as it emerges.”
Stephan Morrison, another crypto enthusiast and an investor in cryptocurrencies also echoed the same positive sentiment and believes that they “are here to stay”.
He too was quoted saying by Standard that,
“In hindsight, I would have sold in January and bought back in now. I would have more diligently researched coins and projects and relied less on my emotions to make my decisions, but I would most definitely invest my money and my time in Bitcoin and the blockchain again and I believe in the blockchain.” Stephan also noted that there are projects involving Bitcoin to “make many financial transactions, faster, fairer and less expensive”.
He further added that “Bitcoin and the blockchain have their faults, but they are here to stay. It is moving more and more into our media, our movies, and our stores. Major financial institutions are investing and more and more people from all walks of life are getting on board.”
Contrary to this positivity, an independent crypto analyst Willy Woo put out a post on Twitter, which led to something cautious. According to him, “despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged-up move”.
Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. pic.twitter.com/MVxlN8ttO1
— Willy Woo (@woonomic) January 5, 2019
The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.
— Willy Woo (@woonomic) January 5, 2019
Well technically, things are definitely confusing on which side the prices of the coin would move but, fundamentally things are improving for the cryptocurrencies. With the world slowly coming towards the acceptance for the newest form of “Money”, the long-term horizon for cryptocurrencies looks bright for now.