Bitcoin Is The Bear Market Over?

Has the Bitcoin decline stopped and has now returned to a bull market.?  I doubt it, as this present rally is not producing the impulse waves required. Bitcoin definaly sliced through the top trend line so that alone will bump the degree level up by at least one degree.

Iceland to use more energy mining bitcoin than powering its homes | Metro News

Bitcoin mining takes up a massive amounts of electricity and computing power,  where the miners in Iceland consume more power than the entire Icelandic grid needs to run its homes. Many miners are moving to places that have the lowest electricity rates like Quebec.

Even though this rally looks impressive I think Bitcoin can still fall well below $3000 per coin. Of course, this rally could just be coinciding with the stock market rally,  so we will see how long this rally will last once the markets resume their bearish trend. After all it was the Nasdaq bull market that spawned this Bitcoin Mania so Bitcoin Mania can also keep dying right along with the Nasdaq.  A $4000 rally does not make a bull market, but it sure gets the bullish investors excited again,  with the injection of “Hope”. Hope that Bitcoins keep going up in price.

The Gold/Bitcoin ratio touched 7.48:1 this afternoon, which is about a 50% crash from its high ratio of 15:1.

The amount of new Cryptos seems to keep going and now registers 1533 ICO’s,  with a total capital base of $467 billion US dollars.

Investors think they can hide Bitcoin gains from the government, but I think this is a big mistake in their thinking. Bitcoins are unstable at best and nobody in their right mind will hold Bitcoins when they start crashing again. Imagine buying a house with the price of $20,000 for a single Bitcoin,  and as soon as you get these Bitcoins they start to crash to $6000 in little more than a month. Bitcoins will crash faster than any real-estate will, so your Bitcoin windfall can turn into a disaster very quickly.

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