The next month might be brutal for bitcoin, potentially down to $5k. However, I think we'll see a recovery through January starting in September.
In the long term? Who knows. What will bitcoin be used for one the last coin is mined? Right now, its a vehicle to create (through mining), invest and earn money. After that last coin?
Was the last gold nugget from the California gold rush worth as much as the first? Was it worth that final hard investment? IDK. IDK if that model would even apply here, but it is something to think about.
The ETF rejection really hurt momentum
Yeah, it’s crazy that $20 billion left crypto with that news. Shows how much dumb money is in the market. People over reacting to news that doesn’t change usage/utility of the investment. Just means it’s not mooning when they want.
The good news is the dumb money will come back in at a higher price after cashing out low. I’m hoping their lose is my reward.
I purchase the same amount every week no matter what the price is, so weeks like this feel like I’m getting a good deal. It’s also about the same amount of money a heavy smoker spends on cigarettes. Hoping my addiction pays off though.
What I think is probably hurting momentum more is all the pump and dumps we keep seeing.
We fall a little more with each dump.
I hope Bitcoin doesn't fall that far. I think things for crypto are still looking good long-term but its the short term that no one can predict. The hard thing about crypto is the volatility but that is also the best thing about it sometimes. You're making some good points here, and I think Bitcoin is going to continue to be a store of value no matter what, but will it become a more widely accepted payment method? Is Bitcoin going to be more valuable than gold someday? I wish I had all the answers.
$5k? ouch..
Pls no $5k
I'd prefer it didn't either, but...
August has often been rough on btc. One of the reasons, I think, is that Europe is pretty much on vacation this month. Just enough active traders are gone which reduces the demand. Also many might be dumping to pay for their summer vacations as well.
I've seen it (a long time ago now) drop to 1/3 of its value over the course of August. Now, it came roaring back so much so that by December it was 6x what it had been in August. Then it slid, slowly, after that, with some jumps up until August again and then...
I'd say hold this month to wait and see.
And, yeah, I think $5k is a strong possibility by the end of the month.
We'll see though. All of this is worth as much as all y'all paid for it. ;)
I do think it will even go lower with the econimic problems coming up.
It might. I won't claim to be a seer. However, I suspect people will start coming back in September once the vacation season is over in Europe.