The title might imply that I am bearish, though I want to stress this is NOT the case. I am very bullish on crypto, however I am also accepting the fact that we are in a bubble. This is not necessarily negative, I think all major innovations are going through bubbles in order to pick the winners at last, and I do NOT view crypto as the tulip mania, more like internet adoption.
The big question is: where are we in this bubble? Are we in the very beginning thus we can expect the market to go higher for a couple of more years, of course with some pull backs along the way. Or are we in the mature phase, or in the very end?
Personally, I believe we are in the phase where major adoption is about to happen, and I see the market of 2018 is going to be wonderful. However, I am looking for other peoples opinions. What is your belief?
As a view it, if we are going to treat this as a bubble, The new phase began when we hit the $10K barrier, So the trend continues to to upward with some minor pullbacks as you have said. So we are just in the beginning and expect the price to go higher in the next couple of months leading to next year mid 2018.
I think I'll go with your observation as well with the adoption. But with the adoption, are you saying that bitcoin will be used globally as mode of payment? Its not the case though, when we hit $10K. Its more of a investment rather than for micro payment as we have wanted.