Bitcoin Pulls Back After Hitting $5000 USD – Why This Is A GOOD Thing!

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Josh Sigurdson breaks down the latest news on Bitcoin as the cryptocurrency hits $5000 USD and immediately pulls back as people take profits. While the pullback may seem dramatic to many, especially since most people who have money in Bitcoin only got in this year and are not used to the fluctuations, this is perfectly natural and really a great sign of a healthy market.
While people claim in the media that Bitcoin is in a bubble (as they have since 2011), these frequent corrections are proof in the pudding that it is indeed NOT in a bubble. Bubbles wouldn’t take such frequent breathers.
In June, Bitcoin hit $3000 USD before pulling back all the way to $1800, climbing to $2500 and then heading off to $4400 at the beginning of August where it pulled back to $3900 and then climbed quickly to $5000 USD just a couple of days ago.
Now, this is a lesson in psychology as people sell off Bitcoin, basing it on arbitrary numbers like “5000”. It’s an imaginary fiat landmark and it’s pointless to sell off on such fantasy pinnacles, especially considering in other currencies of course $5000 USD is $6200 Canadian dollars. It’s nonsense but all the same, it provides a great opportunity to buy more.
At the 7 year average daily rate of growth, Bitcoin should hit $250k by 2020.
As the fiat empire comes crashing down, Bitcoin is a savior to those who diversify between cryptocurrency, gold, silver and other assets.
Investors have taken 30 billion dollars out of US stocks in the past ten weeks and it appears they’re putting it in gold, silver and Bitcoin as a stock crash is inevitable. There are now 50 cryptocurrency hedge funds as Bitcoin surpasses Netflix and PayPal in market cap and is coming up on Morgan Stanley which is truly a sign of the times we live in, where cryptocurrency which was once thought of as “geek money” is universally adopted at an enormous rate just since January alone.

The future is bright, but we have to educate people. Far too many people compare decentralized cryptocurrency demand to a centrally planned debt based, manipulated derivatives bubble. Far too many people blindly call Bitcoin fiat despite the whole point of fiat is to create vast amounts out of thin air without scarcity or demand and base it in debt.

With education comes the next renaissance and it WILL come.

Bitcoin will surely break through the ceiling once more in the coming weeks (likely on a Tuesday since traders are historically more bullish on Tuesdays than anything) very possibly. Considering that Wall Steet insiders saw Bitcoin hitting $4000 USD by year end and we’ve already far surpassed the forecast, we’re doing good. Even professional crypto traders saw it hitting $5000 USD by year end. Well by the looks of it, we’ll be seeing $7500-$10,000 by year end.

Stay tuned for more from WAM!

Video edited by Josh Sigurdson

Josh Sigurdson

Graphics by Bryan Foerster and Josh Sigurdson

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Hell Knight. says:

You can't compare Bitcoins to gold and silver. Gold and silver has intrinsic value and Bitcoin has none, it's considered something for nothing. It's sold to the greater fool for money. Bitcoins are not worth an ounce of silver or gold. It's only worth fiat currency and once they crash bitcoins will be worth nothing. I would not give you and ounce of silver or gold for it.

Andyity says:

All monetary systems are a scam. Bitcoin will top out and only a handful of people will corner the market because they own most the bitcoins unless more bitcoins can be generated.

Gerald Parker says:

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edge scalper says:

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Fake Eye "D" says:

FACT: no person, system, or computer program can reliably/ consistently predict the future price/worth of Bitcoin, or anything else. See: "Do Not "Invest" In Bitcoin!!! [Or, "How To Safely Profit With Bitcoin and Other Crypto-Currencies"]:

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ewmism says:

going in to 2020? lol you're all going to be dead by then! WW3!!

bhaydenca says:

Cryptos are suppose to be a store of value, not a prospect. Sugar, wheat, gold ect should of gone up the same amount as a percentage as bitcoin. That's why it will crash.

jmcarp98 says:

I though government couldn't stop cryptos? Seems its one regulation away from zero value.

Aaron Lucas says:

Good info,

Witek Nowak says:

The end of bitcoin will come when it will be surpassed by other randomly jumping altcoin and after which it will start decreasing like the average alcoin. That will be a moment that people will start to give up that weird and unpredictable altcoin like concept. That bear mechanism already happened after Ripple and Litecoin peaks late 2013 and recently after Ripple and Ethereum psycho surges and then psycho decreases. The value of dollar lies in its value stability and easy accessibility (atms, credit cards etc).

DEVUNK88 says:

bitcoin will be my first investment ever, I have never felt comfortable with traditional investments

Edwin the Magic Engineer says:

Just cause something pulls back in prices does NOT mean it's not a bubble. The way you detect a bubble is when the price no longer equates to the intrinsic value and people just keep buying it because it keeps going up.

Bitcoin never had intrinsic value, it's value is it's use and how much others want it. Nearly nobody uses it as a currency, it's a speculative investment for almost everybody. People do want it, so that's really the driving force for it's value.

Bitcoin could go a lot higher, it could fall apart, NOBODY knows for sure. But I am sure of this much, you cannot tell something is not a bubble just because it's price pulls back. Just look at price charts of any other asset that was considered to be a "bubble". They do NOT go straight up without pullbacks.

Pravinn Shetty says:

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GoProvost RVTravels says:

Bitcoin is a scam to steal your gold and silver by the world elite when they decide you can't have gold and silver. Oh you think they're gonna play this game forever, watch and just keep your gold and silver, think about it for a moment.

magnus4g63 says:

Bitcoin, cryptos in general, is a great tool for human liberation, if we want it. Should the most evil of evils – government – start chasing people for using this tool well then yes bitcoin will loose value. Still i support it with all i got, the more people who benefit and the more who wake up and realize the evils of central banking and governmemt the better. GO BITCOIN!

anime9228videos says:

How dare you! I cannot believe you conveniently left out the recent news that CHINA BANNED ICOs. You clearly have the ability to do research so I dont believe for one second you didnt know. You literally just lied to ever single one of your subscribers to make sure your investment keeps it value. Someone so educated and you become what you hate most. Your greed is nothing different from the greed of the banks you hate. 10min of my life wasted waiting for that 1min clip for you to tell the truth. Nice noticed you didnt forget to ask for donations. Make a video of chinas ban I dont care if you say its a good thing in your opinion or a bad thing. I dont even care if you are on the fence. Give your opinions but dont just leave it out and call it a correction to fool your less educated viewers.

Prairie Prepper 777 says:

Gold and silver.
The rest is worthless,especially these imaginary cryptocurrencies that are gaining tons out of the thin air….bitcoin is the biggest hoax ever

Christian Ewing says:

absolutely, it will crash before too long just like the USD, because both do not hold their own value. Do not invest in bictoin(only if it is temporary and you are using it for digital security). Invest in gold or silver. Invest in precious metals because metals hold their own value.

Ascanius says:

Josh think about something , do you think that the scumbags that control the monetary system will simply relinquish control because someone beat them to the first punch. They will pass law after law until they discourage everyone as they have done to silver FOR DECADES !!! Peace

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