Crypto-Speculators on the move?

in #bitcoin6 years ago

After prices for Cryptocurrencies already dropped quite a bit in the last weeks, there is now a total free fall going on. Just have a look at this midday picture, which does not look very sunny:

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Even months ago I have estimated that Bitcoin will drop to around 4K. Why? Simple graph analysis: Bitcoin mostly dropped by 80% after a big jump, and 80% off of 20K is?
Right 4K ;)

Such immense movements are normal for a high speculative market, and make no error, cryptos, even Bitcoin, are extremely speculative.

Anyway, if you look at the Altcoins you will see that they all dropped a lot more then Bitcoin (Tether does not count since it is dollar pegged), on average nearly 20% if you scroll down the top 50.

This can either be because people are fleeing into the "main" coin or simply because Bitcoin's market volume is so big.

But what are the reasons?
The professional analysts say it is the ETF-ing that failed again. But does that really have such a big influence? And why do Alts drop three times as much instead of maybe even less?

Those who speculate with Bitcoin do it today with the real coins, so they are not depending on the ETF. And the ETF itself should not have any influence on the price, so "expectations" (market speech for "I guess what others are guessing") should not change.

And of course there are chartists saying it is game over for Bitcoin.

I do think we have to hold speculators responsible for these price movement. They apply downward pressure to trigger a sell-off and then slowly buy and create a new bubble like the last 20K one.

But, as always: Predictions are hard to do, especially if they are about the future.

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I was amazed to see the moves this morning, all except SolarCoin: https://steemit.com/solarcoin/@scalextrix/solarcoin-in-the-green

yeah 4k btc would mean we'd see ETH at $100 or less. It'd mean a culling of shitcoins, which in the long run is a good thing.

I entered the market in December/January, so I've already lost my initial investment. Steemit has helped bring me back inch by inch. Point being, I can take the culling. It's already a shitshow as it is. Let's see what murder looks like.

Good call—I've been saying the same thing for awhile. Well, I say 3-4k, but more or less the same. We won't start to go up until we hit pre-bubble levels. Still too many speculators holding on, waiting and hoping for it to shoot up so that they don't lose everything.

My only regret? I wish I had more fiat to buy in when it (and STEEM) fall even more. But that's life. I will buy what I can.

Anyway, still a ways to fall. Let's enjoy the ride down! wheeeeeee ;)

Those things are way more fun after your first million, when you can life off the secure interest :D

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