Topic: It could take 6-24 months for Bitcoin to return to its level- Charlie Lee - page 3. (Read 630 times)

The recent market crash made all the crypto investors so unhappy. All the recent accidents made too much frustration among the users. But there is always a hope that the market will come back soon.

This will not go so long, because its normal that there is always ups and downs occurs. It is just August now. There is a huge time to end this year. So you can not say this earlier! You never know what will happen next! May be some good day is coming!

By mentioning the level of Bitcoin if Charlie is indicating towards the 20,000$ mark of Bitcoin then I think it is very much possible for Bitcoin to reach 20k again within next 2 years but to be honest, I don't think his opinion matters much as he has already lost his credibility in the crypto space after making so many controversial moves.

That's what i always said when someone ask me when will bitcoin run smoothly. Bitcoin needs more than a year in order for it to stay on the average price, 10k. That may take a long time to happen but i am sure that that will happen. The drop of bitcoin now is just normal because no ones buying.

I eagerly support his opinion and view on the future of cryptocurrencies. The fall (or maybe even the fallout) of prices was kinda predetermined by the insane levels of speculation we witnessed in 2017. Now that speculation is on the wane, we should expect more adoption as prices become more stable. High volatility was the major roadblock to accepting cryptocurrencies by merchants and sellers. And while the price crashing 70-80% may be a huge pain, disappointment, or even disaster for those who bought at December highs and around those highs, for the real economy it can in fact be a good thing as prices are now closer to the "fair value" which reflects real application of cryptocurrencies.

These type of expert opinions don't excite me nor saddens me anymore. I have found most of these people are not actually conveying what they know rather they are trying to manipulate what we think about the market and the coins. This has been the case with all the expert opinions I have read online. Charlie is no different.

The cryptocurrencies market is a free market where there are no regulations or rules.
Even Satoshi Nakamoto can't predict the price of Bitcoin for the next month or even the next day.
What is sure, is that prices of some coins will rise (BTC, ETH, LTC...)

I don't think people will take Carlie Lee seriously anymore after he tried to manipulate his own Litecoin project by calling it a shitcoin. There have been a lot of experts who predicted the slump of Bitcoin to go below 4,000$ by the end of this year and now here we are, Bitcoin slowly recovering again towards the 10,000$ mark.

 I also think so it will not take a long time for reach bitcoin in level. The downward will not be stable for a long time. It will be a good news for the user and investor. So we don’t need be wait for a long time.

bitcoin has been getting out of the big bear market after one of the biggest drops that it  experienced in the pat ~8 months. so at this point it is understandable that it would be hard for some people to see and accept the fact that bitcoin is going way beyond $20k. everyone right now is too caught up in meaningless short term scenarios and are missing the big picture. the real potential that bitcoin has.
it is funny to think about how they were all talking about $100k not so long ago and they seem to have forgotten that

Of course, at the end the prices of cryptocurrency will always reflect it success and hopefully shame those who claim that cryptocurrency especially bitcoin as a scam. And it's obvious that what some of what self claimed cryptocurrency expert are doing is just mere speculations, some without visible prove. Though 6-24 months seems realistic but will can see more high price if there is more acceptance.

TL:DR;
summary, follow the hashrate and mining costs
ask yourself when do you think hashrates will be around >300exa

...
in 2013 the price jumped 10fold to an ATH . this was due to the overhype of certain things after new mining equipment triggered the rise.

after the 2013 peak it corrected down to at that time truer value due to the hype cooldown after mtgox.
prices went to $250(mtgox bottom) .. $400 and slowly moved to $600 'value' over the 2014

let me explain why
although the hashrate jumped by 200fold. oct 2013-august 2014
the COST to mine actually got cheaper. thus underlying value pulled down value from
oct 2013 GPU mining the network hashrate of 1 terra... costing $1kper btc
aug 2014 ASIC Gen1 mining the network hashrate of 200terra costing $225 per btc

even up to november 2015 the hashrate was still only double that of august 2014.. bringing underlying costs to near $500 per btc

so  that explains why there was a slump in 2014-2015 as asics got more efficient there was not much movement of the prices caused by a surge in mining costs. as there was no surge in mining costs  just a gentle increase as the balance between hashrate rises and asic efficiencies grew at a slow pace.
and no big drama speculation so prices remains low and near to the underlying value of botomline cost support
.....

but then came the terrahash mining generations which made the hashrates move up and also with the block reward halving caused the costs to rise. and underlying costs of 2016 came back to the realm of $1k per btc

...
and now in mid 2018 the underlying costs of mining are $6k per btc.. at 40exa

..
now although it only takes a 4fold hashrate(meaning 160exa) jump to bring S9(14thash) asics mining cost of btc to $24k..
 
new gen asics are just being released which counters todays state/forcast

the next gen where for the same electic and equpment value. the hashes can do about double the hashrate. meaning the hashrate has to be above 320exa to get the underlying costs/value to $24k if all asics are the new 7nm asics just being released now.

...
and so ill let you all now forcast the underlying value which for the last many years has been predictable to see the "bottoming out" support area no one wants to sell below.

but sorry no one can predict the next ATH caused by hype/speculation and emotions which can push prices above value sooner/higher than normal/progressive/natural value incline

good day to you all.

hashrate went from 7terra to 50terra in 1 year
at that rate it will be in the 350exa within a year
also note hyp/drama/speculation could bring the price spiking and correcting up and down within that time. but underlying value becoming $24k could be within the year

Charlie Lee is quite knowledgeable when it comes to dealing with crypto. So, this is indeed a great news for the people and the market. He seems to be in huge favour of BTC and has given some positive comments on it too. And he does believe that BTC has the potential to thrive in the future.

Charlie Lee he is a wise man and it is necessary to listen to him I am sure that he is right because he does not say that bitcoin for the year will grow to half a million dolar .

I'm also a bitcoin fan but I think 6 months is not a realistic period for a higher price jump.
The market is more stable and awareness of the benefits of the crypto currency is expanding globally, so it is inevitable that the price will go up...
Maybe I'm wrong, but I think this time the price will grow slower, without the big oscillations we attended in the past.

This is really a post of hope. This talk of the famous and experienced crypto specialist proves that bitcoin is a very much potential and it has great future. People should consider the crypto currency in this way when making comment about this.

The key point that i am taking from this is the long term point which Charlie Lee
is referring to. Even though it is a speculators market now i would agree that it
will be less in the long term.

I dont think there is "a price" for bitcoin and crypto, the price is determined by
a lot of factors and i believe when bitcoin goes to $20k and hovers there for
a number of months the same questions will be asked about the price.

When is it going to go up?
Why is the price only $20000?

Etc.

This is still a calculation, I have not determined when the bitcoin will return to their price. I find this statement is very vague and unbelievable as if it is not in the expected as What's going on?

This is really great news. This famous person who has a great deal of experience regarding the crypto has talked in favor of the bitcoin and he has shared his experience which indicates that bitcoin has a lot of potentiality to do great in future.

I think 6 months is much too early to see $20k again. Recovery when it comes will be slow and steady not a rapid spike back up to those heights. The next halving will probably be what will prompt that recovery.