A month ago I predicted that the price of STEEM was undervalued and the price would retrace. It has, but not how I expected.
STEEM retraced 25-50% this month!
A month ago I predicted that the price of STEEM had stopped falling at 22,000 Satoshis (0.00022 BTC). I was prematurely wrong and the price hit a bottom of 12600 Satoshis one week later. Two days later I made a post about the reason as to why this happened despite the underlying fundamentals that make this place so great. That reason was sell pressure due to inflation.
One week after those two posts, a change was announced by the Steemit, Inc. team to address the inflation problem and cure the unwarranted sell pressure to STEEM markets, the first announcement for Hard Fork 0.16.0. Immediately after the change was announced, the price of STEEM bounced from it's all-time-low of 12,600 Satoshis to 38,000 Satoshis.
The official release of Hard Fork 0.16.0 was announced 4 days ago and since then, the price has bounced from 15,000 Satoshis to 22,000 Satoshis and rising!
Below is the adjacent chart to the events mentioned above. As you can clearly see the price is rising, and looks more bullish than it has for the past 4 months. I truly believe that we'll be growing from here out, just as I predicted previously.
What the future holds
Before I go and prematurely blow my load like I did a month ago, I should make it abundantly clear that hard fork 0.16.0 will not be fully implemented until the target date of December 6th, and until that happens the price is highly volatile; it could go anywhere.
There have been a few people expressing concern as to whether the hard fork will create a dump, because you will soon be able to power down over 3 months (13 weeks), instead of 24 months, and many cpeople will power down and sell. It is a possibility but I disagree. I believe that because of this change more investors will be willing to leave their money in Steem Power knowing it's no longer held up for two years. Also, Dan, Ned, and a few other large vest holders, have vowed that they will not be powering down during the first 3 months that the hard fork is in effect.
I believe that these changes, which you can see a full review here, will create a stronger and more attractive economy for investors to hold. I believe that the price of STEEM has only begun to rise and once the hard fork is fully implemented, the price will sky rocket. Further evidence of this, is that since the official release for hard fork 0.16.0, buy orders have continued to increase and sell orders have stayed the same.
What happens after the hard fork is hard to say and may in fact cause a dump, however after the first 3 months, those who have left will no longer have an effect on the economy and those who have stayed will continue to make it grow. I have no reason to power down, and many others who are loyal to this platform feel the exact same way.
There's no doubt in my mind that the STEEM blockchain will be one of, if not the most, profitable cryptocurrency of 2017.
I was born in New Zealand and now reside in Australia. I write about many different subjects, mostly about those that affect me personally. I like to philosophize about each subject and do the same with my music. I'm addicted to knowledge though I'm no scholar. I try to be original & true in everything I do because I don't like pretending. I'm the realest person out.