BTC Big Picture!
Sometimes it's better to step back a moment and see the Bigger Picture sometimes, and that's with all things as well as Bitcoin, the most powerful Crypto there is. Below is the 1day chart showing BTC's path to where it is now.
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Based on my non professional view on the chart and market trend is you should have expected this. A major price correction. It's perfectly normal in any new market to go through what we call Growing Pains. It's a natural cycle that follows psycological behaviors of traders in the market. Look at it this way... Everyone buys expecting to sell at a higher price. So why does it drop? When it rises as fast as BTC did from $1k to $15k it is very exciting and can make those who are already invested a lot of money. On the other hand, it's rise happened so fast that no true base, or bid support, was ever formed. You could look back to $8k or so before any real base was formed.
Appears also we could be in the downward pattern of a ABC wave cycle. If we are expect the price to test support at $10k and even as low as $5k. I'm thinking realistically $8k by the end of this wave. What happens when the wave is over? As the price drops more and more buyers will eat up all those coins at higher base level prices so when the bulls start overpowering again taking advantage of the cheap prices the Start of the infamous 2018 Bull Run will start and be EPIC!
Let me know some opinions on how far down BTC will drop. $3K? $5k? $10k?
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Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
Nicely written. However BTC can still be viable as the Market Setter. Lot's of people with huge transactions would love to pay such a tiny fee when compared to older banking alternatives. It's outgrown it's use as an everyday currency for cheap items. However most altcoins and exchanges won't accept fiat. So you must enter the market with A Few Top Options. If BTC can keep it's grip as the Market Entry Coin and Major Purchases such as Cars and houses it will survive. But if it can't it will Die off Eventually. It is becoming a Dinosaur in the tech race though no matter it is the Original of it's kind.
@jdean calling bottom at $8200
LOL
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