Bitcoin supposedly died earlier this year and for the hundredth or so time. For the hundredth or so time bitcoin really didn't die. It supposedly died a few more times since then and likewise it didn't actually happen.
What has happened is the exact opposite.
Bitcoin is not only alive and well, it's hit another two year high reaching beyond 700 as high as $721 in the last 24 hours and currently sitting at $692.76 on the dinbits index.
|Jun 14 2016 - Not a live feed|
There are several reasons for this rise and we've been predicting it for months (see Why Investors Should be Buying and Holding from March 2016) and we covered a few of these months ago. This has solidified and strengthened since.
In addition to some thank you notes, we've been asked about a drop coming. Sure, there's going to be a dip, but likely not a massive one. We may see some stabilization but likely not until September or October and it's possible that might not happen either. There's more reason than ever to use bitcoin to purchase over the holidays, so we may see a peak as late as December or January.
Rest assured however, there will be swings and ultimately the price will settle under its peak, however, that is going to be somewhere between higher than any price in 2015 to the a two year high. It's quite possible we may see an all-time high before the year ends. That is not very likely although it's worth noting that the true value should be somewhere around 800 by years end. If that equates to an actual price of 800, 900, or better will depend on the market and how things continue to progress in the second half of the year.
The most prominent event arriving in about 3 weeks is the halving. It;s unlikely to cause a major shift immediately but the effects will sink in shortly thereafter and we'll be able to forecast a bit better once those facts arrive.
Obviously with these predictions we have to be a bit conservative, so we estimated a 30% or better price by September. We wanted to say 50%.
That was conservative at 30% and yet allot of "experts", investors, traders, and other folks thought that was a bit ridiculous. Ridiculous in that nobody thought the estimate of a 30% return would be realistic. Now of course, many have changed their minds about that stance but still don't fully understand it or understand any of it at all but that's OK. We do.
It does actually sound a bit unrealistic to expect anything to perform that well, but like any commodity, stock, currency, or investment. It's not about a chart trend, it's about the facts behind the industry of which that asset represents. Long story short, "We ain't seen nothing yet".
That's another story for another day.
We'll go ahead and entertain 50% (which would be around $800, no March 14th of this year when the article came out, the price was around $400 at $415.26). It's realistically feasible by September or sooner. It's possible next week.
Will that happen ... yes.
It may not be next week or even this year, but it will happen, but I'd put money on the black 2016 square.
Report by dinbits
Image by dinbits.com staff