We hit $73,000 in March, the price then proceeded to track sideways in a tight consolidation band for eight months. We actually went as low as $49,000 in August. That was a dip of over 30% from the early year all time high. You had your chance to buy cheap coins and that was it.
We’re in price discovery now, it’s cooled off a bit after hitting $99,800 but we are not getting a 30% dip for a while. $100,000 is a magnet, we might get a 20% or more dip just before $150,000 but this is bull season. We are going to $200,000 next year.
We’re in price discovery now, it’s cooled off a bit after hitting $99,800 but we are not getting a 30% dip for a while. $100,000 is a magnet, we might get a 20% or more dip just before $150,000 but this is bull season. We are going to $200,000 next year.
I like this analogy for the $100,000 threshold because I had a conversation with Poker Player and he had a good explanation why we would not easily break through $100,000 and his hypothesis is quite reasonable. But now that I read your comment here, I think $100,000 is both a threshold hard to break through because of holders having set this as a goal for first sell-offs, but at the same time it "is a magnet" as people know this is what the price will gravitate towards. It has done the same in the past, shortly touched the $20,000 mark, then dropped by a lot back then, but then took the $20,000 mark in a rush later on. Everyone anticipates that $100,000 will never be the end game, yet it can still be a mark where holders say that this is the one mark where they are ready and willing to take profits in larger quantities.
In conclusion, $100,000 is a barrier, but a magnet. I like that description because it seems to hold very true for now.
