Bitcoin Bear Hunting – Bulls Can Kill Bears Every Time. Smart Investors Can Too.
Bitcoin pricing has been in something of a morass hovering around $11,000 for the past tree days which is reason enough to start Bitcoin bear hunting. It was bad enough that Bitcoin values have been more-or-less frozen in a no-man’s land of value but now with the overnight news out of Japan that Coincheck, one of their largest exchanges, abruptly halted Bitcoin trading and are leaving clients high and dry as they cannot make withdrawals out of their account. Bitcoin is down 5% compared to this same time yesterday on the bad news.
The last waves of bad news out of India and South Korea got me Bitcoin bear hunting. At least those sources of bad news were the respective governments which makes FUD more understandable. With Coincheck’s surprising news there shouldn’t be anywhere near this level of FUD. That’s because Coincheck is a private company, not a government agency. Who knows why this is happening at Coincheck? When Coinbase here in the USA has an issue and stops trading any given coin (like BCH) or when a popular exchange like Kraken is offline for three solid days, coin prices don’t plunge on the news.
Bitcoin bulls need to come out of hiding and start Bitcoin bear hunting. There is no better time than now to Bitcoin or other cryptocoins so far as I’m concerned. With Bitcoin sustaining these low prices for a prolonged period of time I see us at the bottom of pricing which means there’s nowhere else to go but up.
Every Bitcoin expert that matters sees Bitcoin hitting all-time highs this year and I happen to agree. When Bitcoin wasn’t in the spotlight it climbed year over year with gains that any bank or stock exchange would be envious of. Now with Bitcoin center stage, bad news is unnecessarily exacerbating downward trends as good news is understandably overlooked. Everyone loves a good scandal, salacious events, intrigue, suspense, etc. These things appeal to aspects of mankind’s darker side. Yet the brighter side is the way to go; Bitcoin will get past this turbulence and I fully expect 2018 to be Bitcoin’s best year ever. Who’s’ with me in going Bitcoin bear hunting? Let the next run of the bulls begin!