The idea was simple. The reasoning just. All signs pointed forward. The magic 8-ball said ‘yes’.
But it was not to be. The error was clear not within weeks. Not within days. Within hours we realised the folly of our ways.
We don’t like being outlandishly wrong about things. But we are from time to time. Sometimes we simply don’t get it right. For example, we were way off last year when we said Clinton would get the Presidency.
We were wrong.
We were also wrong when in March this year we suggested the ASX All Ords would surge past 6,000 points,
‘And they’re going to push the broader All Ordinaries Index past 6,000 in a few days. In a month they’ll push it past 6,500 points. By the end of this year we could see the All Ords testing 8,000 points. And by the end in 2018 we will see the broader Aussie market north of 10,000 points.’
But last week we made a motza of a call.
We’ll remind you exactly what we said,
‘In just four days bitcoin had surged past AU$3,967.
‘By the start of September it scratched just under AU$6,609.
‘By the start of November it tipped just over AU$10,000.
‘Today, one bitcoin is AU$17,228.
‘Next stop, AU$20,000. And we think that’s coming before Xmas.’
This was on a Thursday. One week ago. And we were pretty confident that by Christmas — another 10 days even from now — one bitcoin would be worth more than AU$20,000.
Well it didn’t quite happen in the period we expected.
We were wrong.
The problem is we were wrong, but beautifully right.
Beautifully right in the sense that Bitcoin did actually hit AU$20,000. And then surge past it. But wrong because it took around a day.
In fact it wasn’t even a full day. That night bitcoin was already past AU$20,000, $21,000…and by Friday it was close to AU$24,000 per bitcoin.
Time to blow the roof off
This is one of those times when we don’t mind being wrong. But even we must admit this is one heck of a scary ride.
Even for us it’s a little on the crazy side.
Now it seems that everywhere we go, everyone knows about bitcoin. People who didn’t even have an idea this existed six months ago now seem to be investing ‘geniuses’ because of the rising ‘price’ of bitcoin.
This has all the hallmarks of a giant price bubble that could pop at any second. But it’s not a bubble. It’s price discovery.
That means bitcoin is still so new and early stage it’s just finding its feet. The masses have really only come to bitcoin within the last six months. The mainstream media has picked up on the story and run with it.
It’s become the biggest financial story of the year. It’s created more controversy and debate than anything else. But the reality is this is just the beginning of a whole new concept of money and investment.
We’ve never seen such mania surrounding anything before. We lived through the Tamagotchi craze. We did the Macarena. We had Pokémon. We’ve seen what mania looks like.
But this is on another level.
The mainstream financial media has become addicted to bitcoin. The average punter in the street has become addicted to bitcoin. The global consciousness is addicted to bitcoin.
Heck, when even Alan Kohler on the ABC is covering bitcoin, you know it’s an epidemic.
But this is just the start of it all. Bitcoin now has its mainstream addicts. But Bitcoin isn’t the hardcore drug you might think it is. It’s kind of like a gateway drug. Bitcoin is like cocaine.
But the real hard stuff, well, just wait until the mainstream gets a hit of that.
And the real hard stuff is cryptocurrencies — or ‘altcoins’. If bitcoin is the mainstream’s cocaine then altcoins are its heroin.
The things is, the mainstream hasn’t even got wind of the broader altcoin market yet.
They’re just starting to figure out what bitcoin is. But ask them to go deeper and they’ve got no idea. They can’t see that the real opportunity is going to come from the likes of Ethereum, Dash, Litecoin, NEM, Power Ledger, OmiseGo, AION and a whole range of other altcoins.
And if you think the mainstream has become addicted to bitcoin, wait until they get their first taste of altcoins.
The crypto market is ripe for explosion. You thought 2017 was big, you ain’t seen nothing yet. 2018 is flat out going to blow the roof off.
So the question is, what happens to the price of cryptos in 2018? Well, today we’ll hope to answer that question for bitcoin. And then tomorrow and next week we’ll look at the price of other crypto like Litecoin, Ethereum, Dash, Ripple, and some others.
What’s going to happen to the price of cryptocurrency in 2018? Well we’ll see if we can answer it.
Of course, we could be wrong. We were wrong about the price of bitcoin last week. But in that case, being wrong was the right answer.
Hopefully we’re right. But if not then we’ll also accept being wrong in the way we were last week. What we don’t want is flat out being wrong…badly wrong.
With bitcoin we see a much stronger 2018. Our anticipated rise to AU$20,000 came sooner than we expected. We see bitcoin heading higher in 2018. Will it see a 10X rise in price? Can we see bitcoin in 2018 hit AU$200,000?
No, we doubt it.
But we do think it’ll cruise past AU$50,000. In fact we’re expecting bitcoin to hit US$50,000 in 2018. That’s about AU$65,500. And it’s only going to be around a 3X rise from where it is today.
But what we also expect is that the mainstream will flock to altcoins. They will see the potential and the immense innovation and development taking place. And we think we’ll see hoards of crypto delivering 10X, 20X even 100X gains in 2018.
Bitcoin is just the gateway for the mainstream. 2018 will be year of the altcoin.
Editor, Secret Crypto Network