I think this will be the last couple of days that 400 holds, I think we will be visiting 300-360 soon enough.
same, generally, but the time part is so hard to nail down. it's impossible to get the short term details right, but everything has been pointing for me to that general range. we could bounce a bit, hell, given all the shorts taken out at 400, we could bounce 30 or 40 points, but i think low-mid 300s are coming in the next couple weeks.
There are no buyers. It's that simple. The result of 9 months of dumping and chasing cheap coins.
Everybody thought that after crashing down tons of buyers were dying to get in with cheap coins. Nope. There is nobody.
Now of course i keep reading we need to hit 350 before we can get back up. And after that 260. Well, these new buyers won't suddenly appear then. Also there is no guarantee we will go back again. As i keep saying one day it will stop. People will get tired of losing money. Of getting dumped on by traders every time they invest some money.
For now the Bitcoin hype is over and we better hope for something good to happen or all your cheap coins will be just that. Cheap coins.
The question is will we learn from this situation. And the answer is most likely no.
There has been tons of buyers that is why the price recovered to 600$ + a few months ago and there is still a lot of buyers but there is a lot of sellers as well and a lot of new coins hit the market
The Bitcoin hype will come back when the fiat currencies will show what they truly are : manipulated, inflated and unreliable for store of value
But this is not a few months ago. A few months ago tons of people started buying because they expected the price to go up. Instead they got dumped on, day after day. They sold and left and won't make that mistake again. Neither will all the people who watched it happen from the sidelines. You see, that's the "problem". These people actually do learn from their mistakes.
Keep in mind that pretty much everyone who invested in Bitcoin this year lost money. Almost a full year. Exactly at the time everyone expected something great to happen. This damaged Bitcoin so much. So many here underestimate this. They think they just can keep crashing the market, pick up cheap coins and go back up again. You can't.
After 5 or 6 years now investors are gonna say fuck it. I'm not gonna put money in something and get dumped on day after day by greedy traders obsessed with cheap coins. The previous years was ok for that. Not anymore. This year was the year to get serious. But everyone who tried to invest lost their money because of traders and dumpers. What do you expect them to do? Invest again?
I think you are off track.
BTC is supposed to be a currency. As a personal example, I travel to Thailand once or twice per year for business. I don't mind keeping a few hundred USD in Thai baht when I leave, since the value is reasonably stable against the dollar (usually rising, in fact).
Now, btc, as a currency, has devalued by 60 or 70% in 10 months. Price = exchange rate. It takes 3 btc to buy the same Dell laptop that cost 1 btc last year.
I won't even mention store of value, which is my intended use.
And, a greater market cap (or whatever term you want to use) allows btc to be used for many more applications.
To pretend the price/exchange rate/value is unimportant is insane. If it is supposed to be a currency, then it definitely matters.
chill out guys, you are both right. you just have different time frames in mind. if btc should become a world currency it will become also more stable. but in order to get there it needs to scale up several orders of magnitude. that again has to be accompanied by a price rise in the same order of magnitude.
