Bitcoin is over. Time to face the truth.
I will agree as soon as price hits 275$ again.
Even if Bitcoin prices hit $275 again, it is NOT over... but it may cause a lot of loss of confidence... especially if it were to go into the $100s or even double digits....
Those kinds of numbers would really cause me to be suspicious about if there is some fractional reserve banking going on.
I assume a lot of people thought it can't fall below 300$.
When it did, some players stormed in to save the day. They even gave us the false hope of a trend reversal to keep it from repeating too soon.
But I guess they keep limited amount of fiat on the exchanges and have their threshold what they are ready to absorb.
And I guess many people are keeping a much closer eye on the charts and they are still significantly more nervous about the downward price movements after that manbearwall incident.
So, practically everything is set up for an exponentially accelerating freefall.
Meanwhile, the long term trend is still negative (just take a look at the daily chart).
To sum it up, it's practically just a matter of time to reach 0.01$ unless something dramatically changes. And it can happen much faster than we would assume it's possible.
Of course, anything can happen anytime, the trend can revers and we can see a new ATH by the end of this month. But it's not granted. Nothing is.
I pretty much agree with everything you are saying; however, I have the sense that BTC prices can only be pushed down so much, unless there happens to be fake coins.,,,
And, Yes, I was one of those that by the time prices reached the mid-to-upper $600s in June, I thought that prices were never returning to the $300s, and once prices got into the lower $400s, I thought NO way they were going to go below about $360, and as we know the price went lower than both of those points.
Accordingly, I am NOT going to say that it would be impossible to go below $275 .. and I would NOT even say that it is impossible to go below $200 - however, I am starting to become very suspicious about some kind of fractional reserves, in the event that prices were to be able to go to those below $200 price points.
In this regard, it is my sense that too many positive developments have occurred in the last year and too many big monied players have invested substantially into BTC and they likely should have the means to prevent the price from going below a certain threshhold point... such as $200...
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