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

[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.

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[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