It's Bitcoin going to $1.200?
Hi Steem, how are you guys??
In the last few days I have been watching some youtubers saying that bitcoin is going to pass very difficult times.
When one person say that he knows the future, I never believe it...
But when is more than 20 people saying the same, I really start to think that's really going to happen!!
Do you guys think that bitcoin will be at???:
- $5,800.00
- $4,200.00
- $3,200.00
- $1,200.00
Please help me to understand what the steem community think about the future of @BITCOIN.
Thanks for your comments, upvotes!!
Cheers
Pedro
History may be a good teacher here. Back in March 2017, BTC price was about $1,200. It rode up to over $1,700 when the BCH split was on the horizon, and after that it became a crazy roller coaster ride up to the $20K mark. But consider the reasons - CBOE, etc. and institutional investors created the helium in that balloon. If they are exiting the investing space on this, then it could simply return back to the 2017 low prices. It is entirely possible.
That said, if it only has a "store of value" definition, and it's value has dropped from $20K to $1.2K in 18 months, it is a hard sell to champion the store of value argument. For me, it really needs to be used as a medium of exchange as well and that really comes down to scale, and most importantly the Lightning Network. If you are not already up to speed on these things, investing in BTC is probably not a good idea. If you can see the various network effects it can have, and the positive outlook based on these things, then it would be a worthy speculation. But first understand its history because the that story may dictate the future price movements (but in reverse). I personally believe that if Lightning Network takes hold in retail sales, then this could really go to the moon since the public now has awareness of what it is (or at least name recognition) whereas this was not the case back in 2016 (for the most part).
Be careful. BTC price is based on human beings either believing it will be going up, or believing it will be going down. Nothing else. So one would have to believe that anyone looking to pretend they have a crystal ball on the price might be only trying to force it low so that they can buy at a low point and ride up the price increase from that artificial fake news. Consider the source and consider the motivation for what is being said here.
No Bitcoin is not going to 1200 $
5750$ was an absolute bottom, we have a strong support there.
Lets wait and see :)
The suffering has just begun. It's perfectly possible for it to go down to $1200. After all, the last time ETH was this cheap, Bitcoin was worth a lot less than $6000.
It is not suffering if you are looking to buy BTC. It is only suffering for those that bought it at the higher price. One man's trash is another man's treasure, so to speak.
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As @amahovac93 said, never below $5750. Those youtubers might want the downtrend, though.