Forbes's recent post spells out reasons why Bitcoin can hit $1,000 or below.....
After reading this, it highlights some additional things that I didn't realize. At the start of the rally, I pegged BTC to coming back to testing $1,500 since this was the last high before the rally really started. Some of the things mentioned before have been highlighted and reiterated here...one of which is being in a massive bubble for no reason.
The current dump makes me even more confident we will be seeing lower levels towards the $8k and $5k levels.
Overall, I do think this is possible. I see Bitcoin becoming irrelevant longer term, so yes, I think this is possible. BTC is comparable to AOL back during the dot-com boom, or MySpace during the social media boom.
The dump today is a huge indication that the Crypto market's are way too volatile for any businesses to utilize them for heavy transaction volumes.
THOUGHTS?????
I think once we get regulation confirmation around world ,Either way , regulated or non regulated.. The market steady out with less volitillity . Will still be a wild ride but less so ..
well said. I agree!
The drop is a response to fears of regulation. I saw $400 AR-15 rifles selling for $2,000 when Obama took office because people were scared of regulation that never happened. Fear selling and fear buying are compelling, scary things that have no bearing on long term performance. Remember, be fearful when others are greedy and greedy when others are fearful.
Oh this isn't in reference to the dump today. It's a longer term view/vision.
His first point is regulation fears, which is what's driving today's dump.
Correct, but that will be an ongoing issue, not just about today. It's been an issue since 2013 which is what caused the crash back then....I think until it goes fully mainstream and is regulated, this fear will always harm markets.