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RE: Bitcoin About To Breach Its Current Support Line
I'm expecting a reversal for BTC at that time and we should head up again. There is of course no way to know this for sure. I am basing it on the complete capitulation of the average investor, selling at the end of the down cycle.
BTC shorts on the CME may also be pulled and converted to long positions at this same point, whipping us up pretty fast.
Mostly I believe the better alt. coins will explode and continue upward once they can detach a bit from BTC.
I believe virtual currencies are here to stay and we will see 100x returns in the next year or so.
Makes sense with the capitulation with the avg investor. Not sure what number that is for the pain to hit. A print around $5 -6K would mean a 75% from $20k.
Yes with the shorts short covering their profits would give a massive spike very true. Then they may go long or re enter short postions for the next leg down.
With the alt coins, I agree and believe eventually they will divert from BTC swings as many have superior technology to BTC and some have actual intrinsic value behind them.
Perhaps though like the 2000 tech boom and crash many Altcoins will eventually fade in the night and leave a handful of strong coins like the companies that make it through the wreckage. Ie Amazon, Facebook, Oracle etc with the Pets.com of the world to go.
We said!