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RE: It's an open challenge that Bitcoin will never drop to $7500-8500!
8500 can be seen as soon as tonight or tomorrow.
After another hit from credit card companies, uncertainty and fud is getting more complicated.
It is a well reasoned theory, that price pressure is on purpose to apply more speculation for the next big rise.
What is next @photogeek? Do you think the bottom has been reached at $5900?
Looking at the charts, what I see is the following:
I know thess are just past facts, but $5900 was where the prices really took off with neverseen momentum and reached current record. So this level is some kinda psychological point and could attract bulls to get back in. Besides, sellers have exhausted their power because most of the gains from short term traders (If we assume that long term investors who are in since early 2017 or even before are HODL-ers) were made with this crazy rally from 5900 to 20 000.
What do you think?
Difficult to say.
I believe the bottom is somewhere near this level. It could be lower at $5500 or little below. If something terrible doesn't happen again (Bans, Scam Alerts etc) The consolidation should start and prices can rally any time.
One good news is that Bittrex is going to let users buy coins directly with USD.
Another good news is that South Korea Seems to be more friendly with cryptos that we thought.
We need something more inspiring to fire up the market.