The recent price crashes of Bitcoin have been a result of the market growing too fast in the last quarter of 2017. Bitcoin rose from about $7000 to $20000 in a few months. And actually, just a few months before then was trading at $2000. When the market rises so quickly, there are lots of people who want to cash in on their profits (buy at $2000, sell at $20,000). When people start selling, the price drops, and other people who have made gains start to worry about losing their gains, thus sell to cash out as well... So this continues until the price drops back to levels where it is not prudent for people to sell so much, thus, the price stabilizes. This is a consolidation of prices. Once this happens, and prices are steady for some time, more people enter the market again, and the cycle repeats all over again... Thus, in my opinion, we are getting ready for the next bull run. If we start at the $7000 - 10,000 range, and the market repeats what happened in the last run, we can expect about 5x-7x growth before the market stabilizes and turns down again. Thus, I'm looking for prices to hit $35,000 to $70,000 before the next turning back down...
Looking forward to those good times!
Some guy just sold a lot of coins so there could be a little bit of a dip inside the markets. The price is still moving upwards long term. Looking forward to those good times!
