Digital Currency Group's Silbert says bitcoin has 'hit the bottom

[bbc.reporter]

Is Tom Lee becoming more right to stand by his bullishness by the day? Is his bullish prediction of $20,000 to $25,000 on December 2018 becoming more true when the market found new life again?

I reckon the people are quiet and beginning to stop criticizing the analysts because the analysts might be right this time.



Digital Currency Group's Barry Silbert is optimistic about bitcoin as an investment.

"I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week," he said at the Delivering Alpha Conference in New York on Wednesday. “As an asset class it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

Read in full https://www.cnbc.com/2018/07/17/digital-currency-groups-silbert-buys-more-bitcoin.html

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[JohnTask]

New life? The optimism of some people never ceases to amaze me!

No, the bulls aren't here yet and probably won't be for another couple of years. And as you can see, the whole market is in the red again.

[Herbert2020]

every time the bottom is tested and it stands strong, and also every day that we stay above it failing to go below it despite all the FUD that has been around, means more people start to realize that we have already hit the bottom and eventually knowing bottom is behind us the price can start rising back up again as the money that was staying on the sidelines comes back in.

[Ceballos]

I totally agree but there are upcoming news for next month which is going to make big impacts on all crypto.
MTGOX nightmare is sleeping but we cannot know when its going to awake up.
So stay safe and calculate the stop loss point for now.

[mostkey]

Exactly every analysis there are times when they are right with the stated statement about the crypto market, in a few months we go back too long to keep the lowest price and try several times to pump but not yet full strength, eventually Bitcoin up and break the price of $ 7000 and maybe this is a positive trend for all whales to get in there, the volume is 2x higher than before, there will be obstacles in the next few weeks to hinder market movement, I am sure it is, to remain optimistic because this is what we Wait.

[nl247]

It is always funny that when a little move comes up on the chart, it is always considered bullish every now and then with people expecting some huge value. The market is still clearly bearish and this short term movement with a lot of resistance above us is nothing yet. $7500 is still quite strong and the likelihood of continuing the downtrend from there is still intact. I guess the likes of Tom Lee will have to come up with an excuse when that happens.

[Pursuer]

MTGOX nightmare is sleeping but we cannot know when its going to awake up.

there was never anything called "MtGox nightmare" ever to want to wake up now. there however was FUD and dumb people in the market who fell for that FUD.
this was discussed multiple times already, Mt Gox was never the reason for the drop for many reasons including the fact that they were selling a long time before the drops even began and also the fact that they explained that they weren't even selling on the market to cause any kind of crashes.
at some point people wanted to push the price lower so they started the drama and people fell for it. so it was another FUD like anything else. and you can not use the same FUD many times, it only works once.

[Wind_FURY]

New life? The optimism of some people never ceases to amaze me!

No, the bulls aren't here yet and probably won't be for another couple of years. And as you can see, the whole market is in the red again.

Then buy the dip! You will never have another good opportunity to buy "cheap" Bitcoin again before the next halving.

Plus Barry Silbert has lost his credibility for starting the NYA to support a hard fork to Segwit2X, and "fire" the Core developers during the course of that action.

[talkbitcoin]

New life? The optimism of some people never ceases to amaze me!

yeah and the pessimism of some others doesn't cease to amaze me!

No, the bulls aren't here yet and probably won't be for another couple of years.

even the previous time that we reached the bottom after Mt Gox took only 8 months approximately. how can this time take a "couple of years"

And as you can see, the whole market is in the red again.

yeah very red. it went from $6300 to $7500 then $7300.... so very very red. bitcoin must be dead now.

[adaseb]

There is a possibility that we have hit the bottom last week however there is no guarantee.

Basically people assumed we hit the bottom after April 15 tax time and we went even lower after that.

The guy is just guessing and shouldn't be taken too seriously, kind of like that McAfee guy who thinks bitcoin will go to like $1 million per coin.

On the weekly chart it looks like $5700 was support because it was the yearly low, and on the daily chart the inverse head and shoulders have held and the neckline ($6800) is very strong support, that support needs to hold.

[hugeblack]

He was right or wrong. Anyone can predict the price and not be a reality either to be by chance or by realistic analysis.
I agree with him it seems that bitcoin has taken a bottom at 5000 dollars and does not find negative indicators to return to that level soon. "Let's enjoy with the rises again."
I do not say that what happens in the past will be repeated, but the last months of each year have seen continuous rises, which strengthens that claims.

[jossiel]

And as you can see, the whole market is in the red again.

It's okay, red again as you say?

Red = Bitcoin @ $7,300 that was one of the best red that I've seen again. Color is just an indication but taking a look at the market and it's price makes it more convincing that we really hit the bottom.

Like I said, it's more convincing and believable that we finally hit the bottom but still don't be overwhelmed.

Barry's words are encouraging, love it.

[BitcoinNewbie15]

And as you can see, the whole market is in the red again.

It's okay, red again as you say?

Red = Bitcoin @ $7,300 that was one of the best red that I've seen again. Color is just an indication but taking a look at the market and it's price makes it more convincing that we really hit the bottom.

Like I said, it's more convincing and believable that we finally hit the bottom but still don't be overwhelmed.

Barry's words are encouraging, love it.

I agree, it certainly is looking like a bottom has been found. We have continually tested $6k and even briefly fell below that. The bottom was about $5700 - $5800. The market violently ate up coins in that range and we rebounded back above $6000 within a day. I'm certain with this recent push above $7000 that the bottom has come and gone. If only I would have boughten some coins at that time...

[BrewMaster]

And as you can see, the whole market is in the red again.

It's okay, red again as you say?

Red = Bitcoin @ $7,300 that was one of the best red that I've seen again. Color is just an indication but taking a look at the market and it's price makes it more convincing that we really hit the bottom.

Like I said, it's more convincing and believable that we finally hit the bottom but still don't be overwhelmed.

Barry's words are encouraging, love it.

I agree, it certainly is looking like a bottom has been found. We have continually tested $6k and even briefly fell below that. The bottom was about $5700 - $5800. The market violently ate up coins in that range and we rebounded back above $6000 within a day. I'm certain with this recent push above $7000 that the bottom has come and gone. If only I would have boughten some coins at that time...

well in bitcoin the "bottom" is not the minimum price that was reached. the bottom is where the support is strongest. which is at $6000. a strong support can also be broken hence the minimum which is lower but since it is strong it bounces back up super fast which is what happens when we try to artificially push the price lower.

[fabiorem]

Lets hope he is right. Its been six months with the bottom at 6k. We had double, triple, quadruple bottoms already. I think we cant go any lower.

[richardsNY]

Lets hope his right. Its been six months with the bottom at 6k. We had double, triple, quadruple bottoms already. I think we cant go any lower.

I of course hope that ~$6000 is our ultimate bottom and that we never go back again, but we can always go lower the market has taught us. If there is no ETF approval next month we'll see how strong the $6000 level turns out to be without anything else to look forward to in the short term. People shouldn't underestimate the fact that crypto has no basic fundamentals that marks certain price levels as safe. As long as we haven't reversed the longer term bear trend there is no reason to rule out another sub $6000 dive. Always make sure you have some fiat left in case the price goes back down.

[cellard]

Even if I dislike this guy because he was one of the scammers involved in the segwit 2x clusterfuck of last year, I would like him to be right, but at the same time, I would like him to be wrong. If the price goes lower, you get to own more BTC, which in the long term is desirable since the USD is screwed, but at the same time I cannot deny the dopamine rush of seeing the BTC price skyrocket to new heights, specially to see the idiots claiming it was dead and going 0 react to it once again. Nothing better than to see haters being proven wrong.

If there is no ETF approval we may dip again, there may be expectation about it driving the price, or maybe this is just irrelevant and we've hit the bottom nonetheless. A lot of people may sell the news once the ETF doubt gets resolved, only to see it keeps going higher, if the bottom has been set irrespective of the outcome.

[Slow death]

Is Tom Lee becoming more right to stand by his bullishness by the day?

We are still in the $7000 and we have a few months to the end of the year and we still have a lot of pressure from the governments and we have a lot of pressure from the central banks, so I do not see how the forecast can be reached, we probably have this increase because of news of ETF, something that in my opinion has many chances of being disapproved and after that will be just dump

Is his bullish prediction of $20,000 to $25,000 on December 2018 becoming more true when the market found new life again?

becoming more true? I have many doubts

If there is no ETF approval we may dip again

I agree

[thecodebear]

I think it is pretty clear that $6000 is the bottom. We've hit it 3 times and the bears always fail to push it down further and now it is getting more and more clear the market is heading for an inflection point. I don't know if the current move this week is the beginning of a new long bull market or not, as we may have another dip and it may take a couple more months to get over $8k and keep going, but generally I think the next long (~2 year) bull market will start up the second half of this year. I think we're probably in for 12-18 months of gradual growth and then half a year or so of boom time. Though if ETFs and institutional investors start changing the game soon I guess we could have a sudden boom similar to the second boom of 2013 which came without a big long buildup.

[European Central Bank]

this is the guy who's been promising 'institutional money' for around four years now. there's no doubt a trickle but that's all it still is.

and 'this year' sounds a little bit ominous to me.

[exstasie]

It pains me to see all this bullish sentiment.

We can all see BTC formed a mid-term bottom. It's obvious to anyone looking at the 1-week chart, and certainly to all the holders who survived the repeated selloff attempts below $6,000. But that's all it is for now: a local bottom.

When everyone thinks the bottom is in and the moon is around the corner, we usually get range-trading or bearish resolution. I'm keeping my expectations low. I think the next year or so will be a time to accumulate.

[cellard]

Actually upon TA research I see a big resistance line on $7800 ish. If we can get to $8000 we may see a lot of people turning bullish, enough to at least dodge further dipping if the ETF hype doesn't hold up. TO see this line, simply draw a line that touches the $13070 peak on January 21th, $11642 on March 5th, $9948 on May 5th, and you will see the next ceiling is around $7770, so if we can break that, we may keep mooning and this may solidify a bottom. With the ETF approved it will moon harder but irrespective of it its approved or not this may be the bottom after all.

[BrewMaster]

It's not that people are ignoring bitcoin analyst and their predictions, they simply chose not to react about it. Because some analyst makes predictions without adequate calculation, we can all see it through the likes of McAfee. Anyway, I have no problem with this prediction price because it's still realistic. $20,000-$25,000 can stil be possible this year ending but I see us ending the year with the price of $10,000.

funny you should mention McAfee because i have a feeling that ever since we found out that he is getting paid $100k for a simple tweet which is a lot of money for doing nothing, everyone else seems to be following the same footsteps in their own ways.
we have had a lot of speculation like this predicting ridiculously high prices for bitcoin in a time frame that always seems impossible.

[samson]

New life? The optimism of some people never ceases to amaze me!

yeah and the pessimism of some others doesn't cease to amaze me!

No, the bulls aren't here yet and probably won't be for another couple of years.

even the previous time that we reached the bottom after Mt Gox took only 8 months approximately. how can this time take a "couple of years"

And as you can see, the whole market is in the red again.

yeah very red. it went from $6300 to $7500 then $7300.... so very very red. bitcoin must be dead now.

Yep, today will be the 7th day of green in a row on the 24h chart. The end is nigh lol 

[dothebeats]

For a permabull, they don't really change the pace of their optimism towards the market. They just become discreet on their projections and predictions whenever the prices are taking a beating. Three times have I read an article claiming that these bulls think that $6k was the 'absolute bottom' only to get the market lower and mark its territory @ $5700 for some time. As the saying goes, a broken clock is right twice a day, so in a multitude of predictions these guys are doing, a few of them 'by chance' hits the spot. If the ETF is called off or not approved, I guess we won't be looking for some crispy gains until next year.

[shulio]

We will see, maybe the bears are accumulation power to crush the 5800 support and lower the prices to sub 5000 dollars.

[jossiel]

And as you can see, the whole market is in the red again.

It's okay, red again as you say?

Red = Bitcoin @ $7,300 that was one of the best red that I've seen again. Color is just an indication but taking a look at the market and it's price makes it more convincing that we really hit the bottom.

Like I said, it's more convincing and believable that we finally hit the bottom but still don't be overwhelmed.

Barry's words are encouraging, love it.

I agree, it certainly is looking like a bottom has been found. We have continually tested $6k and even briefly fell below that. The bottom was about $5700 - $5800. The market violently ate up coins in that range and we rebounded back above $6000 within a day. I'm certain with this recent push above $7000 that the bottom has come and gone. If only I would have boughten some coins at that time...

And while the altcoins are tanking, this made bitcoin stronger and showed on how it's totally reigning the market. We may see $7,500 by Monday if that won't happen, I'm sure that bitcoin won't stay long on $7,000-$7,400.

Why you haven't bought some when it has finally hit the bottom as you assumed?

[amacar2]

… I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

Many banks and government also know this but they are trying to create negative image of bitcoin as an investment so that they can force everyone to use usual fiat banks and fiat notes whose value is decreasing without being noticed by people.

Only few tech guys are using bitcoin and only optimistic billionaires are putting money into bitcoin right now which is just a small percentage of total number of likely investors. When all jump into price will be at moon and no any government bullshit will be successful to dump the crypto currency market.

[JohnTask]

Then buy the dip!

Outta money.

New life? The optimism of some people never ceases to amaze me!

yeah and the pessimism of some others doesn't cease to amaze me!

No, the bulls aren't here yet and probably won't be for another couple of years.

even the previous time that we reached the bottom after Mt Gox took only 8 months approximately. how can this time take a "couple of years"

And as you can see, the whole market is in the red again.

yeah very red. it went from $6300 to $7500 then $7300.... so very very red. bitcoin must be dead now.

Yep, today will be the 7th day of green in a row on the 24h chart. The end is nigh lol 

I have said that the optimism of some people (20.000 - 25.000 by end of the year and other topics about the bull being back) never ceases to amaze me. I have said that I expect the market to be bearish for a couple of years to come and I have said that the market is in the red again, which was simply a completely objective observation.

I have never said that the end is nigh, or that bitcoin is dead.

[hatshepsut93]

He doesn't really care if this was a bottom or not because he knows that the market will be bullish again in the future. If his bottom claims are correct, he'll win some reputation, if not, he'll still win some reputation later when the other part of his prediction about Bitcoin being here to stay will come true. I personally can't say that we've passed the bottom, because the price jumped in 30 minutes, it can easily drop back and lower in 30 minutes. If we had the same growth but in 2-3 months, I'd be 65% confident that we have passed the bottom.

[Wind_FURY]

Then buy the dip!

Outta money.

Get a job, a second job, or any job. Not having money is not an excuse. There is always something to do to get some money.

He doesn't really care if this was a bottom or not because he knows that the market will be bullish again in the future. If his bottom claims are correct, he'll win some reputation, if not, he'll still win some reputation later when the other part of his prediction about Bitcoin being here to stay will come true. I personally can't say that we've passed the bottom, because the price jumped in 30 minutes, it can easily drop back and lower in 30 minutes. If we had the same growth but in 2-3 months, I'd be 65% confident that we have passed the bottom.

He already lost credibility by starting the "Silbert Accord", more famously known as the New York Agreement which called for the top merchants and miners to do a contentious hard fork to 2mb blocks.

[JohnTask]

Get a job, a second job, or any job. Not having money is not an excuse. There is always something to do to get some money.

Strange advice. I run my own company, have multiple clients and already put 50% of my life savings in crypto. Maybe I wasn't being clear enough. In that case, my bad. What I meant was "I'm outta money that I'm willing to invest in crypto". Conventional wisdom dictates to "never invest more than you can afford to lose".

[magneto]

I think that the rally that ensued in the last month was nothing but a bull trap, and this is probably proven now as we've seen nothing but bearishness from the start of this current month again.

There is still the possibility that $6k will hold as the bottom, but I think that it's probably just as equally likely that prices are going to fall through that fall some time during this bear market. If there was to be a lower bottom than the one that we already seen, however, I don't expect it to be lower than $3-4k, which seems to me to be the lowest I can possibly see bitcoin go.

Is his bullish prediction of $20,000 to $25,000 on December 2018 becoming more true when the market found new life again?

Probably not. A temporary rally in the market is barely "new life", and $20k-25k is still very far fetched at the moment given the bearish sentiment. However, if it was December 2019, then there is every chance that markets would recover to that level, after the bear market ends.

[Indrawan77]

I think that the rally that ensued in the last month was nothing but a bull trap, and this is probably proven now as we've seen nothing but bearishness from the start of this current month again.

There is still the possibility that $6k will hold as the bottom, but I think that it's probably just as equally likely that prices are going to fall through that fall some time during this bear market. If there was to be a lower bottom than the one that we already seen, however, I don't expect it to be lower than $3-4k, which seems to me to be the lowest I can possibly see bitcoin go.

Is his bullish prediction of $20,000 to $25,000 on December 2018 becoming more true when the market found new life again?

Probably not. A temporary rally in the market is barely "new life", and $20k-25k is still very far fetched at the moment given the bearish sentiment. However, if it was December 2019, then there is every chance that markets would recover to that level, after the bear market ends.

Eventhough I dont like how its sound, but I totally agree with your statement, seems like the bearish market is going to hang on a bit longer, the investors still hesitate to invest their money in bitcoin, the market now is unpredictable it can fall down deeper than all of us can predict and if the bear market keep on continue we will see huge drop and maybe fall below 3k, and to be honest I don't believe any speculation that stated bitcoin could reach 20k this December, up until now bitcoin still unable to reach 10k, it keeps on being manipulated and every time it went a bit higher, it was being brought down in the next few days