How low will btc go this time? 6k based on previous trends. That sounds about right to me but there is one problem.
Every January Bitcoin crashes. And if you line up all of the previous years to this one you can see generally what we can expect from the future.
So what is the problem? Well, this time things are different. Bitcoin has no actual reason to recover this time. I can think of steem, BCH or ETH having a reason to recover. I can think of reasons for XRP and ADA as well. I can see Dash recovering too. I can come up with logical reasons for almost every coin to recover.
I cant think of any reason for BTC to recover outside of a greater fools fallacy style argument. Once this is done it will be ETH that takes over I think.
Bitcoin was never meant to be a store of value, it was meant to be a peer to peer payment system with increasing and sacaleable blocksizes...it has mutated from that into a high priced transactions, slow as shit "store of value" mess. Eventually in this space, fundamentals will matter. I'm not sure ETH is going to be the answer, for the same reasons, but one of the other cryptos will knock them off their asses if the problems are not fixed.
I've been calling a crash to somewhere between $4-6k for awhile now, but my friends with big holdings didn't listen :/ I've been holding off on buying in to altcoins I'm interested in, because this had to happen at some point.
I do not have much information about BTC. I know that ETH will jump. I trust it. I want this.
I still don't trust ETH. I've heard too many unflattering things about the creators willing to be dicks to the holdings of people they don't like.
Vitalik is kind of a weirdo but ETH does have a lot of devs and it does have future plans. ADA and EOS will eventually take over though.
I just hope the other devs have the wherewithal to bitch slap Vitalik when he steps out of line.
I feel like ETH might take the king status this year. Its not perfect but at least it has things to offer with a potential future for scaling issues.
Absolutley I agree
I'm okay with crypto dropping. This bubble was bound to burst eventually, and now we can get back to more of a median value where we should be. That's totally fine with me, tbh...
knock knock
who's there?
a bubble
what bubble?
*pop!*
It can go lower, but there is always a reason to recover vs fiat.
Scarcity
That's a very good point. Where most fiat currencies have seen inflation, Bitcoin was unique in that it saw deflation. That could be the one thing that Bitcoin had and still has over fiat.
Yeah, while there are really no reasons for bitcoin to recover, it's still going to happen, because of the extreme hype and brand around bitcoin. It can't disappear so quickly. But I would like to see it lose the position of being the number one crypto
This is a good point. Bitcoin is the Kleenex of cryptocurrency. It's the only one "normal" people think of when they think of crypto. For that reason, it'll probably stick around a lot longer than some of the others.
The greater fools fallacy. "Because there is always someone dumber than me"
I don't care how low it goes right now, it would probably take new ATHs by june this year I bet!
Have to disagree...dont think anything can infridge on bitcoins store of value factor
It can become less valuable which is exactly what its doing.
Awesome work! I`ve re-steemed!
Must be supported...
Thank you for your wonderful work 😊😊