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.