Hi guys, I have been predicting this 'deflation' in the bitcoin price for a while now. I recommend people *not to sell* , but equally not to buy (as it will go lower). The target for bitcoin now is $30. I don't believe it will go to $10.
So why would you recommend people don't sell ?
Surely the best thing to do is sell it all and buy back cheaper if it's going to continue doing down.
Because its not totally clear it will go down. It may well go up again in the future. Certainly its not a great time to sell when other people are selling.
Mind you, I have been saying for a while (since the crash in April actually), there is no reason for the price to go up and that it would only go down from there in the short term. (from $120 where it was recently trading)
However, bitcoin is now in the public consciousness. It is not going away at this stage - without a change to the technical fundamentals. I think talk of a deflation down to $10 are ridiculous. Therefore I would advise to hold right now.
If you are so desperate to sell, at least wait until the price starts going up again before selling (it will at some point).
