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RE: Bitcoin (BTC) Morning Update: Overnight hit $7,352!! What's next? Check out this Analysis!!!
You seem to be forgetting the upward momentum that is already in place and the relative strength of Bitcoin now. The scarcity of coins, the massive difficulty increase and the plethora of news that keeps bringing Bitcoin into the light.
Also, not a single altcoin has out-performed Bitcoin.. ever.
While I understand your perspective, I whole-heartedly disagree. While a retracement to 5000 may be possible (for less than one day), we are still on the climb.
If everyone believes Bitcoin is going to 100,000+ .. how many people are willing to sell at a measley $7,000? The sheer number of people HODLing is going up, and the available coins are going down as investors snatch them up. Scarcity my friend, scarcity.
Bitcoin will go up to $100,000 but not without a few major crashes along the way. No market remains on a continual bullrun forever. The price is currently pumped up immensely by a combination of factors and will keep momentum for as long as that combination holds. But 5% is enough to turn a bull market into a bear market, and many more than that will be selling around the time of the fork. At these high prices everybody has sweaty hands, nobody wants to be caught holding the bag when it dumps. The higher it goes the more trigger-happy people will get with protecting their profits; more and more is at stake.
Most experienced traders tend to agree that at some point we will see a big correction, @haejin too I believe - certainly $5000 is very realistic yes. @haejin actually predicts Bitcoin to crash below $500 at some point after the current bull run is done.