At Classiarius, we will be participating in conferences in September and October so we will have our fingers on the pulse of the market. Still, as we move from August to September, we have noticed a change in sentiment. Market participants are turning positive, suggesting that better Bitcoin markets are expected into December of 2018. Views below….
Tom Lee, the crypto-guru is making positive comments for December 2018.
While looking across the internet in magazines, interviews and of course the financial news services, we have noticed a substantial uptick in positive news and comments about Bitcoin. Some articles are focusing on currency challenges in Mexico and Turkey, even Iran. Other articles are suggesting that in the coming months, into the close of 2018, there will be renewed interest in Bitcoin and other cryptocurrencies. Still, other comments point to the improved flexibility and scalability of Bitcoin. These articles come in late August after a series of shocks from regulators, most notable, the rejection of the Bitcoin ETF.
Part of the discussions are soft-fork, or designs to increase smart contract flexibility. These are soon-to-be proposed Bitcoin upgrades that will give users more flexibility in transactions. Now clearly there are skeptics who feel that the bubble has burst and crypto technology will be much like the pyramids, great achievements but more or less useless now. However, one interesting aspect of these articles that point out the positive changes – that is the amount of energy to upgrade and improve current technology. Investors want to see the next generation of coins and blockchain technology and of course their applications.
And note that charts speak volumes. There have been three tests on the downside in Bitcoin. Each time Bitcoin falls to the $6,200 to $5,900 support range, buyers come in to support the downside. We see this as a line in the sand that, again has been tested recently. Clearly there are shorts building in this market but in the next couple of weeks they could be squeezed out.