Bitcoin Forum

My note: bullish?

As the broader cryptocurrency markets have been cratering, Bitcoin has managed to retain much of its value.
These widespread declines have taken place after it was reported that South Korean authorities raided UPbit, the nation's largest digital currency exchange.

Read more https://www.forbes.com/sites/cbovaird/2018/05/11/bitcoin-resilient-in-the-face-of-exchange-raid-fall-out/

Bitcoin is very unpredictable in short term, not so long ago it has jumped up $1,000 in just one hour without any reason. If it dropped because of South Korean exchange raid, then there's a good chance that it will bounce back soon, because usually Bitcoin recovers from bad news very quickly. But there's always a possibility of a somewhat longer bear market or price stagnation, there's no such thing as safe short-term bet in Bitcoin markets.

Lots of good news coming about blockchain and cryptocurrencies in addition to the bad. This keeps the buying pressure strong.

Expectations are far too high. In most cases when the market itself is correcting, just like what it did after last year's peak, people lose confidence and think that Bitcoin will keep going downwards, and that while there is so much positivity going on in the background. While Bitcoin corrected from near $20,000 to $6000 it seemed like a horrible event, but the difficulty kept going up continuously. The difficulty increased with +100% from the first of January this year to where we are today. Peaks are not sustainable and worthy of paying attention to, bottoms are and they indicate growth and a healthy price. If the price was really low as people say it is, the difficulty would reflect that, but it doesn't. :)