Bitcoin Still On Sale For Black Friday
If you're looking at the charts right now, you will see some numbers.
The problem is, you have expectations. You expect to see those numbers going up every day. Whereas, in fact, they're just numbers. They go up, then they go down, and then they go up again. Not giving even the tiniest fuck about your expectations.
Turns out that just half an hour ago Bitcoin broke the $4,000 support line and went under it, to around $3,950. If you had expectations for it to bounce back to $5,000, you're probably upset now. But if you don't have expectations, you're probably thinking: "well, that could be a good opportunity to buy some for, you know, Christmas"...
Jokes aside, I will risk another (more) serious opinion about the markets right now. After all, my last prediction turned out to be quite spot on.
So, given the overall context, I believe the price may go as low as $2,800, before stabilizing. That's where Bitcoin spent half of 2017, before the insane bull run of December. And before that, Bitcoin was at around $1,000. So my opinion is that whoever bought at (or above) $2800, will capitulate. Hardcore holders are still holding tight, with just a few exceptions.
By "hardcore holders" I mean people who got in really early, accumulated insane amounts and know the technology really well. And those "few exceptions" are - again, just in my opinion - involved more or less in the BCH "black swan" event, which seems to have ignited this bear trend. They are probably selling BTC right now for hash power, or moving around hash power from BTC to their new toys, in a greed fueled battle. At some point, they'll run out of both.
The good news is that after this capitulation, the bounce will be faster and it will go higher than the one in December.
Timeline for the bottom to be hit, 20-40 days. For the bounce: 4 to 6 months.
Let's see if I got this right :)
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I hear you, but my prediction is that the price will go even lower and very quickly come back to the $3000 level. More and more good industry related news are being released and that will create a strong baseline for the bounce.
One to bookmark!
Seem like reasonable predictions. Let's see how it unfolds...
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I thought 3k would be it, but yes 2800 or close to it is likely to be reached, but only briefly (someone would have to have buy orders in to catch it, so briefly I think it would be). I don't know about the bounce period, 4-6 months would be pretty wild.
yeah, I haven't thought about Bitcoin as being on black friday, that's a nice one :))
I wonder too when it will stop falling since it can not go down so much more than right now.
I think it is an amazing opportunity to buy cheap steem and power up you account, i see it dropping everyday. On the downside i see less and less activity at Steemit and a lot of new users geeting discouraged and quit posting...
the things that were looking impossible after the all time high is now a possibility
Just grabbed some more STEEM, it's getting addictive.
Interesting call! Do we have a "Remind me" bot here on Steem? It would be nice to get a reminder in 6 months from now to see how good your prediction held up.
I would really like such a feature, to be honest :)
I'm watching STEEM tank. 34c now and dropping. Just waiting for the right time to pick up a lot more of it but since the drop is only starting it might be closer to 10c before it slows down. One more week like this and it won't be far off.
That's my target too, 10 cents.
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