Over the last few months, I have been occasionally checking with the sentiment around Bitcoin. After watching various 'technical analysis' videos and reading a number of articles the question I'm left asking myself is;
Are there any genuine Bitcoin bears left?
Very few people (save those like Nouriel Roubini who believe cryptocurrency has on value) believe, over the medium to long term, Bitcoin is over-valued.
It's all talk of whether there will be a correction or whether Bitcoin has bottomed, before taking off. I'm not sure when this quasi-bullishness qualified for being bearish?
I contrast this with the previous bear market.
In 2014/15 when Bitcoin was in the $200-$300 there wasn't the same level of assuredness that Bitcoin would hit the previous highs of $1000 again, let alone surpass it.
There was a fear that the Bitcoin experiment might have failed. If Bitcoin was a company, there was a fear that it could go bust.
Now, however, the sentiment appears to be that Bitcoin is too big to fail. This, de facto bullishness, even amongst the bears, has me a little skeptical.
When it comes to markets, if everyone thinks the same thing; it is often wrong!
Not that I'd ever bet against Bitcoin. However when everyone either thinks now is a bargain or are waiting on future bargain prices, I naturally have my contrarian guard up.
Just a thought.
Image by Ambir Tolang from Pixabay
