In solely 1 night the bitcoin/dollar drop down 20 percent, there is rising panic from bitcoin holders and traders. Most of them see it as an opportunity and other as the end of the crypto.
If you are here I think you know at least some information about the past of btc price and where is the fear of the people. let's take a deeper look at those facts.
the bitcoin, if you remember, risen above 1000$ in 2013 then it was "forgotten" for 3 years more or less. 2017 will be remembered as the year of Crypto, since January, the BTC/USD after 3 years reach a new ATH and from there to 16 December the last ATH reached by Korean exchanges by a value of >22.000 dollars for 1 BTC. I made an analysis of all ATH accomplished by BTC (see at the bottom of this post).
Now we go to analyse the fears. first, as you can see the history could repeat maybe after 2017 the people are so scared that they won't have anything to do with crypto because if in 2013 it happened why now will be different?. There is a possibility that like 2013 was the year of BTC and in 2017 could happen the same thing. secondly, the government and the banks are the nemeses of the crypto. The crypto is difficult to tax because to do that they have to violate the privacy, they have to look into the exchanges, they have to know who owns the x wallet and because a lot of cryptos have a public wallet ( You can see the number of coins inside the wallet if you have the public key) it becomes very difficult to tax and maintain the privacy. On the news is talking about creating a government crypto (i have to do some research on this).
The banks will enter into serious crisis if the crypto continues to rise. Companies based on blockchain is offering high-interest lend services. The bank pay low interest to savers meanwhile they lend families' savings to startup for example and they gain from the difference. The blockchain connects 2 parties so that technology eliminates the middleman. That the WHY banks don't want the crypto to success, because if crypto success then they are over. They will do everything to stop this thing to happen.
But is crypto stoppable? The blockchain technology is awesome, if you read some ICOs' whitepapers you will discover the powerful projects behind those companies. In other words, the blockchain technology is awesome. It seems that is a Must for the crypto to success. Let's see some uses of crypto: save data on the decentralized cloud so that can ensure the privacy of your data, make international payment in seconds, share your PC CPU, GPU or internet in order to get passive income.
Here I made an analysis of the chart:
I obtained those data in excel:
Is bitcoin a bubble, through the chart it says No, it is a correction, as you can see every time the btc rise a lot it goes into a drop down (in those 6 cases they're always down between 65-85% more or less of the ATH) to correct to the uptrend line.
Maybe it is your time to buy in if you think it is a correction or continue to HODL if you have your money in BTC.
Now you have that information in mind. What will you do? share what you think in the comment
Resteem and upvote this post if you find it interesting and follow me @zek to get updated on the crypto.
I also think it has something to do with the bitcoin futures. If they are selling these contracts at lower and lower price points its absolutely going to have an effect on the BTC to dollar ratio. Thankfully I have my money in other cryptos and I cashed out most of my BTC after i read the futures contracts were newly available. Glad I did. BTC's future is very uncertain because it's going to turn into a punching bag. But who knows...nobody lol! I like your post here and I was browsing your other posts. yo have a follower sir. I try and only follow actual content creators.