Was it even the coinrail hack that really made all the differenc, though? Sure, it could have been a reason for prices going down a bit in the short term, but definitely not the root cause of why the decline has sustained for so long.
It's just a bear market. These bull and bear markets always happen in cycles, and obviously with 2017 being an extremely strong year in terms of price increases, it's no surprise that 2018's market sentiment turns bearish as a correction.
Anyways, I think that a price below $6k in the short run is expected, but I don't see why prices would all of a sudden be guaranteed to bounce back to $7.2k at this stage, especially if bitcoin does breach the support at $6k. Markets are going to be sluggish for sure, though.
It seems to me that there is no regularity in the cryptocurrency market. Cyclicity is a consequence of speculative actions. In order to maintain interest in the cryptocurrency, they periodically turn on the pump and warm up the interest of investors. Maybe we are now seeing how bitcoin is losing its investment attractiveness and becomes an asset with a stable price. It's just a bear market. These bull and bear markets always happen in cycles, and obviously with 2017 being an extremely strong year in terms of price increases, it's no surprise that 2018's market sentiment turns bearish as a correction.
Anyways, I think that a price below $6k in the short run is expected, but I don't see why prices would all of a sudden be guaranteed to bounce back to $7.2k at this stage, especially if bitcoin does breach the support at $6k. Markets are going to be sluggish for sure, though.
