Topic: Don't be so sure about Bitcoin price correction (Read 305 times)

But what makes you think that these guns are going to fire in the right direction? They may decide to shoot in the opposite direction and first beat Bitcoin to death by massively shorting it. What about prices like $50 per bitcoin? If they start buying up, people will start selling out, and they will be the ones holding the bag in the end. Now that Bitcoin is surging, it would make perfect sense for them to make easy money by instigating panic selling and shorting Bitcoin just like Soros shorted the British pound in the early 90's.

There will certainly be a correction, there always is as people take profits. The question is when and how big. If there is a $2,000 correction after the value has gone through $10,000, then you will have missed out.

The big unknown is whether Amazon, Google and the banks are sucking Bitcoin out of the market to destabilise Bitcoin. Microsoft could render a few wallets  inaccessible as well. That would be a cheap way to push up the price.

The Bitcoin price now is very unrealistic. I cannot recognize anymore the pattern Bitcoin is creating on. But one sure thing, Bitcoin will continue to go up.  2018 would be $10,000 and this is 100% surething! I am so glad that I see this happening in my time.

One thing you can be sure of and this is that the fork has very little to do with the latest price spike. The real reason for this

aggressive price spike is the anticipation of the CME Group offering Bitcoin futures soon. The investors know what is going to

happen when the big guns gets a taste for Bitcoin. We have only seen the first of many price spikes to hit the Bitcoin scene.

Our current Bitcoin Whales will soon be replaced by the guys with the real money. 

I would agree with you, after a fashion. I never likened correction to a crash but there is not going to be a very significant drop. The fork is not the only reason why people are gravitating towards not only Bitcoin but Crypto in general. There is a broader appeal. Bitcoin in particular was being dismissed in the past as a mere bubble likely to burst at any time. Consolidation of Bitcoin as an asset and subsequent gradual adoption into mainstream networks is the inexorable impetus behind this momentum. It's only going to keep gathering pace.

Barely 5% of world population is aware of bitcoin. According to Metcalfe's law, the value of a network is proportional to the square of the number of connected users of the system. This is particularly important for bitcoin because the supply line is finite whilst demand is ever growing.


You would be surprised. The reason people are so conservative in these estimates is because they keep quantifying Bitcoin relative to fiat currency and say it has gained x amount in USD/Euro/Pound. Don't look at the fiat number for value, look at % growth. 1000% in less than 1 year. $50000 per bitcoin could happen in 2018.

How long did it take for the internet to realise its potential? 30 years. Blockchain is the crown jewel of the internet. The biggest hurdle for Bitcoin is combatting the resistance to Blockchain and Fintech sector orchestrated by Governments, Banks and conventional establishments who have a vested interest in seeing Bitcoin fail and therefore utilize their mainstream network/media catchment to poison the well with their self-serving propaganda.

I'm probably one of the least qualified people here to talk about trading, but it still feels different this time to me. There's something oddly optimistic about these rises.

1 bitcoin = 100,000,000 satoshi and that means if one bitcoin will worth $1 million dollars. This will be happening maybe in the next hundreds or thousand years later. I don't say about that will become impossible but look at the chart.
But the correction just like a rule and all crypto will have gotten any correction to stabilize the price of the crypto itself.
OP seems need to learn more about that, Bitcoin is not only bullish just like bitconnect.  

in fact its bitcoin prices penetrate the highest value, and this is fantastic value.

How long do you think it will be?  I'm thinking around 50 years.

A correction isn't the same thing as a crash. Corrections can be healthy and necessary for sustained growth. Especially during periods (like now) when there is exponential growth without consolidation periods, the corrections can be more significant. Establishing support lines on the way up help prevent price crashes or significant corrections.

It's very possible there will be a sell off after the next hard fork since many people only switched their money to bitcoin to receive the forked coin. It doesn't mean this will crash the price at all. Also, there was very different sentiment leading up to the Bitcoin cash fork. People were worried what would happen during the fork, once it was seen that bitcoin would remain THE bitcoin, it reestablished peoples confidence so they put their money back into bitcoin.

I'm reading everyone to a wo/man saying Bitcoin price is not real and there will be a correction following fork. May I remind you what happened after BCH fork? Was there a correction? Briefly, but what happened then?

To all the people quantifying the value of Bitcoin based on fiat, you don't seem to understand that Bitcoin has no 'real' or 'true' fiat price. There will come a time not in a very distant future when 10 sats = 1 unit of fiat.