Just drop to $200 already and wash out the weak hands
Why not 140$? Or 80$? Or 20$?
Oh wait, then YOU will be the weak hand...
I already bought some @ $350. Bearwhale driven or not, the price is right. This is gentlemen...
Yeah, I am not referring to what a fair price would be but the flaw in his thinking.
It is not healthy to shakeout investors, after a certain point you 'kill' the asset.
IMHO we should NOT fall below 340$, it would be really bad (only with a flash crash and then immediately bouncing up back).
I'm not sold on the idea that Bitcoin is dead if it falls below some price X.
Keep in mind, price decreased by factor 16 and recovered anyway, 2011 to 2013. I'm not convinced yet we'll make a new significant low from here, but obviously I could be wrong. So let's say we'd go below 340, then 320, then back to 270, fall through and go below the previous ATH.
Going back below the previous ATH would be a first in BTC trading, that's for sure, but so what? What it
would do is most likely kill all the previously held
speculative notions, the idea that we're practically ensured to see an exponential price/mcap increase, or that "Bitcoin will go to 1 million USD eventually".
In that case there's a good chance a vast number of current investors would leave for good, and price would deflate to level that seems laughably low right now... but then what? Others will pick it up from there, as long as there is the confidence that Bitcoin is useful for
something after all. Cue the trolls: "It's about as useful as beanie babies or tulips". I don't need to tell you that's just noise. The usefulness of Bitcoin (or crypto in general) is undisputed. What is up for debate is the scale at which it will be used (and, as a consequence, what the valuation of the network should be).
What I'm getting at is: the worst case you describe is effectively a worst case for the previous valuation model of Bitcoin, but that's not quite identical to the death of Bitcoin (or its valuation, for that matter).
Oda Krell:
I agree with everything you say here, yet I believe that one aspect that affects perceptions of value remains whether or NOT various entities are engaging in Bitcoin scams and potentially faking the existence of coins through forms of fractional reserve banking (maybe kind of like Gox). IMHO, even those kinds of scams and rip-offs and corruption will NOT kill bitcoin, but they will have tendencies to deflate BTC prices and affect perceptions of BTC value.
I am fairly confident that we are going to see BTC prices in the $10k to $30k range in the next 5 years and possibly even more, so long as there is some semblance of continued adoption in our current direction, yet it also seems likely that we still have to experience continued and ongoing downward price manipulations. At some point, probably, some of these larger manipulator players are going to perceive it to be in their interest to manipulate BTC prices upwards - and yes, we will all want to be onboard when that begins to occur and the momentum kicks in... b/c I would think that there is quite a bit of smart money that is just sitting on the side and just waiting to enter - but they do NOT want to enter while there remains some downward momentum and seeming incentives to push the price into the $200s and possibly lower than that... double digits do seem nearly impossible, but I would NOT even rule that out at this point.
