The recent spike in Bitcoin’s price has been a relief for many. With $500 million worth of shorts crushed, there is a sense that the market might be reversing. That is at least what those who have been sucking on their hopium sticks believe. Bitcoin may still ‘Bart’ itself back down to reach a double bottom. Even without knowing what will happen next, the price move has brought some positivity and fun into the space once more.
Interestingly, summer has often been a time when altcoins enter what is known as altseason. Alts have been hanging on in there despite their respective price drops. Bitcoin Cash has been one of the main beneficiaries of the recent hopium intake.
Should the reversal continue, it is likely that many of the altcoins that appeared to be on death’s door will not only continue to rise up, but will receive the same much needed boost in capital that they got from 2017. Whether this will be spent wisely on development or wasted will show whether the lessons of the bear market have been learned.
There is belief that if Bitcoin can hold these levels and, dare I say, smash through the $6,000 target, then we could be looking at another bull market. Such things are never a formality though.
Bitcoin’s most recent advances are still in their early phases of development. Lightning is advancing at a good pace, but whether this will be ready in time for when scaling could become an issue is questionable. Atomic swaps are another fascinating advancement that might not be ready in time.
Without these advances and many more, it seems that even in 2019 we could be early to the Bitcoin party. The many Bitcoin detractors will tell you you’re crazy, and they might have a point. But nothing risked, nothing won?
That’s true hopium right there.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.