This is not even a "crash" at all... it is a correction, that was actually overdue quite a bit. Many people believed it was overvalued a bit and there was a bubble and that any day this was going to happen... most likely after the next milestone was passed since people generally cash in their chips (figure of speech) during these times. And that recent milestone was passing 7K. That's why when I saw someone in here ask several days ago if he should invest right now with the price just above 7K I said it was a terrible time to invest. Most people familiar with the inner workings and the trends saw this one coming, and it has little to do with the hard fork... though I wouldn't presume to say it has "nothing" to do with it it's a very minor player.
I predicted that it was roughly 1100-1200$ overvalued and that we'd see a correction to that tune. When the price was at 7K I said it'd probably drop just below 6K, to 5800-5900 before stabilizing, and then surging ahead with a full head of steam (and it will, rest assured). Well it got up to over 7400 unless I'm mistaken (I don't have the figures right in front of me here), and now sits at around 6200. IMO the correction has now run it's course and we're ready to see it begin to stabilize now. This was actually healthy believe it or not. If this hadn't happened it could've really blown up in our faces later on, and left people with a false sense of both security and the value and integrity of their investments.
But if history has shown us something it's that the vast majority of the John & Jane Q blue collar share holders have tremendous confidence in the future prospects of BTC. Not many doubt that it will reach 10K, maybe not by the end of this year but in 2018. And I personally believe it will reach into the multiple 5 digits, like 30+K in the next few years. And because people believe that they're willing to invest no matter what is going on at the present time whenever they have extra cash to spare because they feel that in the big picture this will just be a small blip in the radar down the road. Some pick their times to get in & out... some like myself keep a certain percentage in at all times and move a certain percentage. But I believe that most BTC investors hold for the long haul regardless of the situation, making it different from most securities in that regard, and that is a major strength of BTC and why it's able to not only weather storms like this better than expected but bounce back strong as well.
If you're one of the types that move your money around I'd keep a very close eye on the price chart in the coming days, maybe even the coming hours, and look for the value to stabilize... for a few days. That's usually a precursor to a rebound, and I expect a fast & furious one this time. And I believe it will stabilize right around where it is now... around 6200, possibly 6100. When you see it hover between 6100-6300 and change for a few days straight it's time to get back in the game.
This is a very good analysis and just confirmed what I have in my head. I also subscribed to the idea that Bitcoin has to be resorting to corrections inorder to avoid that predicted big bubble...meaning what is happening now is really for the good of Bitcoin and its future. This is in fact the best time to buy already or maybe wait a little bit when the price can be hovering around $6,000-$6,100.
