After the ATH; 5 days - "It is a healthy correction, we are still bulls." 16 days - "Going up again, wait 13k re-tested. No, back to 16k." <-- bull trap. 10 days - "It looks like its bear time, 9.5k touched, regression channel visible." <-- bear confirmation. 15 days - "But, what if... --> see we have a small bull --> 9.5k touched!" <-- No sign of bulls.
If you feel like we are still in a bear market, the next 10 days has a high chance of being bloody. We might see a drop to 7k.
If the $9,000 support is broken, we might drop between 6k and 8K. After that, expect a very quick rise. I would expect the rise to start as early as Saturday, but no later than Wednesday. We should be at an all time high by the end of February. Just my opinion...but it's an educated one.
eeril
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@workin2005, Yes, I have similar estimations. Got buy orders from 8.4k to 7.5k.
MysteriousPersian
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@workin2005, An educated one based on what? provide me 3 reasons why BTC is better than other cryptocurrencies which would spike such an incredible demand for it? It is the pets.com of the crypto as far as i see it.
workin2005
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@TristanKhanizadeh, Huh? I was just referring to Bitcoin. I wasn't comparing it to any other coin, nor did I say it was "better". Clearly as Bitcoin goes, so goes the market. That may not always be the case, but it sure as hell is right now.
Think of the total Market Cap as the Dow, Bitcoin as the NASDAQ and Ethereum as the S&P 500. Those 3 are the best indicators of the Stock market while Market Cap, Bitcoin and Ethereum are the best indicators of the overall crypto market health.
That said, I'm not saying Bitcoin will be the "best" coin in terms of gains once the market turns around. I think you'll see many alt coins rise to all time highs as well...but the bull market won't start until Bitcoin bottoms out and reverses course.
MysteriousPersian
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@workin2005, What im saying is theres no reason to spike demand for bitcoin and the odds of it making new all times highs are zero to none. the euphoria phase of crypto is over and bitcoin as well. There is no scalability, high fees, extreme volatility, theres no reason for investors to pile in anymore. The entire market will go to shit and it will phase out the garbage like the dotcom bubble (bitcoin included).
MysteriousPersian
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@TristanKhanizadeh, Then and only then the altcoin with solid projects and basis will start blooming again like ethererum, iota, neo, etc, etc...
BlockChay
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@TristanKhanizadeh, "the entire market will go to shit...bitcoin included"
You really think Bitcoin will just go to 0 just like that and fizzle out? Why am I even wasting my energy responding to this?
MysteriousPersian
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@BlockChay, Cathy Newman is that you? I never said anything like that haha. But if you think that bitcoin can recover to its previous price point at 20k, i have bad news for you... And if you think that BTC is a good cryptocurrency that justifies a market cap of 150 bil despite is multitude of flaws compared to other projects, well then i guess im the one wasting my time then.
workin2005
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@TristanKhanizadeh, Wow...I think you're the only person in crypto who thinks that about Bitcoin (other than those who hate all crypto or the bias people following Roger Ver and BCash).
Literally every non bias crypto expert I've talked to or researched thinks Bitcoin will explode in 2018. They've called for this current, much needed correction prior to that happening. Now that it's here, they all predict a major breakout once the correction completes.
You clearly are coming to this from an emotional point of view. Bitcoin's scaling issues and fees will be solved. Now, it may or may not be used as a means for everyday transactions. It may end up mostly being a store of wealth...but it's not going anywhere.
If I had to guess, I'd say you were a major BCash supporter and have a vested interest in Bitcoin going away. If that's the case, just say it. But don't come on a forum meant for non bias analysis and start giving me emotional arguments. Do you have any idea the amount of money being invested in Bitcoin and the lightening network? I realize lightning is not the answer to everything, but it's going to SEVERELY reduce transaction time and fees. That said, even if it didn't (which it will), Bitcoin is now a status symbol. It'll always be valuable because of it's history and brand as the coin that started it all.
Now I get your ".com" analogy. That's going to be very true with every other alt coin...but it doesn't apply to Bitcoin. If it did, Bitcoin would have been gone the minute Litecoin and Dash forked off it. Instead, it grew in value. Why? Because people don't invest in Bitcoin because it's the fastest or most advanced coin. Just like people don't invest in priceless antiques or classic cars because they're the most technically advanced. Clearly they aren't...yet somehow they're worth MUCH more than the better functioning, newer cars. Why is that? Bitcoin has become the gold of crypto...like it or not.
So again I'll ask...When it comes to crypto experts (again, not crypto haters or people with a vested interest in Bitcoin failing), every NON-BIAS technical analysts, as well as fundamental analyst, projects Bitcoin to reach all time highs this year. Are they really all wrong?
MysteriousPersian
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@workin2005, im defently not emotional about this. The fact that you so kindly wrote me a novel (that i didnt have time to read fully, sorry) shows me that your the one being emotional about this, amd that crypto is defently in a delusional phase... for each "expert" u claim says btc will reach aths this year, i can show you 2 more that say the exact opposite.