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RE: Talk About VOLATILITY: Bitcoin Hits $2806, Then Plunges Nearly $500 To $2346 Before Stabilizing At $2568, Up 4% On The Day
I think near term, within the next few years, cryptocurrency will suffer a major correction, reminiscent of the US dot com bubble. However, I think that long term, if you just hold through the correction, crypto stands to become a huge market. Ethereum in particular, I think, will become widely adopted as a platform for computing in all sectors.
I think you may be right barcode, a huge correction may be coming, perhaps not nearly as bad as the dotcom crash, but a big correction may be near before the euphoria resumes. The ETH blockchain and technology is a very interesting story...
I know it's tough to buy at $ 2,806 fot the first time and then experience a major drop like the one today but this is the only way every participant understands instantly what forces in a free market like the crypto for heaven's sake still is reigns; it's no "Kindergarten"! But once looking back you will see that $ 2,806 was still cheap. Regarding ETH: do not underestimate that they already had two hardforks (DAO and the DDOS attacks); meaning that their chain isn't immutable anymore like Bitcoin's is and with all the applications built into the ETH Blockchain in the near future there will some more HFs be implemented; and every change in code is a risk and difficult to make!
I could definitely see a big short-term, news-based correction.
However, it's hard to imagine another 2-3 year extended bear market in the whole crypto market like there was in bitcoin. The interest level has increased so much that even the bottom would be pretty high, IMO.
Thanks for your videos and writeups!