RE: Can we see BTC at $1200 ? - Techincal Analysis says so!!
Anyone can make any wild guesses or 'analysis' of Bitcoin. In the end, one of the wild guesses will be true, but not because the analysis was correct, but because the analyser got lucky.
Yes, there is a possibility that Bitcoin could plummet, but there is also the possibility that it could remain steady and that the other cryptocurrencies could suffer (as they are presently doing). There is also the possibility that Bitcoin will take off again and the other cryptocurrencies will follow.
All of these things have little to do with logic but rather market sentiment. If good news emerges of government acceptance of Bitcoin then it will surge. If govenments try to regulate it further Bitcoin will falter.
We have to remember that Bitcoin is not like regular shares. There is no 'real' value behind it. The market cannot fall back on property that Bitcoin owns or contracts it has.
Bitcoin has the potential to sky rocket and it also has the potential to nosedive. If it was that easy to predict then the price would already be factored in. It's as simple as that.
(Note: I am not an expert. This is not advice!)
Sure this is just my personal analysis and I have tried to explain it as well to the audience. I didn't mention the fundamental side of analysis cause I thought people are aware of the current situation of BTC. All the debate and ongoing issues concerning BTC scalability is making crypto markets apprehensive. Coinmarketcap is consistently going down to 88 b from a peak of 115b $ and we may see it plummet more. I believe BTC will go up in long term [years] but currently it looks like its going to take a good dip. This post isn't meant to scare people but to make them aware that we may see a big correction here.