The perfect blockchain product isn't out there yet. Not Ethereum , EOS, IOTA or Cardano, they all have their bad sites that needs to overcome. That makes the market extremely volatile with extreme ups and downs.
For bitcoin I never believed in the use case of it, it's lagging heavily in specs. Long transaction time and high transaction cost, their just is no use case. And a store of value for bitcoin is just stupid? I will only store value in physical products, like gold , silver , oil etc. The bitcoin only represented a huge marketing value, but that marketing value is dropping with this crash.
Bitcoin can be below 1000 usd at the end of the year easily. And also ethereum can be below 100 usd, it's all a process, the perfect blockchain solution isn't out there. It's a progress with gives us good opportunities to trade.
It all cost time, blockchain is still a new market. But for me I do not invest in first or second-generation coins anymore. I will only invest in coins with an use case or 3th generation platforms, like HPB, EOS, IOTA, Cardano etc. The future usecases for blockchain is extreme.
I do not beleve bitcoin will be the number one anymore at the end of this year! Because it's lagging in technical fundamentals, I will beleve ethereum will be the nr. 1 upcomming months, especially with all the updates comming. But at the end of the year all mayor coins can be number one. We should be openminded for this, especially looking for 3th generation coins. Also ethereum is improving heavily, but there no updates comming for bitcoin. And that's unfortunate, but maybe good for the market when another coin will take over, like ethereum.
Eth, High Performance Blockchain, IOTA, EOS and lots of other coins still have a great future! We just don't need the bitcoin as the leader for blockchain technology anymore. Blockchain have already a great enough name for itself. There will be a turning point this year, other mayor alt-coins take over bitcoins place and make the market more stable and independend from the bitcoin. And that would be really good for the market itself.
I thought the support was around 5k. But charts change, now I think the support was around 6k especially with the hearing of the opinions of the US Congress.