Bitcoin is officially in Bear Market Territory - What to watch for next, and Predictions! Can Bitcoin Make New HIgh?
For the past week we have seen continue decline in price of BTC/USD
We are officially in Bear market Territory, there are lot of reasons why bitcoin is correcting right now.
News like Cyberattack asking for Ransomware in Bitcoin is not helping the image of Bitcoin in public perspective.
There is also the August 1st fork that could split the Bitcoin Network that is on Investors mind.
It could also be as simple as profit taking we won't know until few more months in the future.
Having said that watch for the Technical Support Level $2100-2050 if Bitcoin Breaks through that than we may have additional correction all the way to $1500 level.
Thank you for reading and let me know what you think Bitcoin Price will do in next 3-6 months in comments.
Not sure if I would call it a bear market. This summer is going to be very volatile and I don't think you will be able to definitively say either way for a while. However I do believe that cryptos will continue to "shark teeth" in a general upward trend.
Yes we can only know for sure once we are 3-6 months out in the future. for example we didn't know we were in a "GREAT RECESSION" in 2008 until 2011 HingSight is 20/20 Thank you for the upvote!! Right back at you.
I have done analysis..technically for bitcoin the scaling issue not a problem..the issue is more political. The split will be disaster for both groups. Psychologically no group will wish to degrade thei value thereby the force of greed play a role for an amicable solution probably like SegWit2X. The rise was in higher 4 digit so unless there is 4 digital fall it will not cause any major harm in the short term. In fact healthy correction is always good. higher 3 digit correction enable average out our investment with additional amount if the correction is 2 digit sit tight is the best option..fundamentally and structurally t does not seem any major concern...this is my view . Thank you for your post
well said I think you have a fair assessment of the situation and I agree. Upvoted you for the insightful response.
I mean, to be honest, it WOULD be nice to be able to buy into bitcoin at a lower price.... everyone would agree
while I would love for the project to succeed in the long term....
in the short term... papa needs him some more Bitcoin, and the price drop is just what the doctor ordered
lol... you are one savvy investor I am hoping to see bitcoin fall as well but hate seeing my account in red.
Traders are still doubtful about SegWit2x. As soon as SegWit is locked in the price is gonna break some ceilings. And there will be no hard-forks on Bitcoin blockchain. There is too much money in to gamble on the chain-split.
so you are saying its a buying opportunity? I agree but no traders likes uncertainty!
It could be. But you should follow the latest developments with SegWit2x. Beta is gonna be out in a few days and Bitcoin Core developers still don't support it. As soon as there is some kind of a signal that SegWit is a GO! The price is gonna rocket instantly. But there might be even deeper dip before it happens.
I agree but there is also the downside risk if we dont' get consensus than the possibility of split increases greatly
Chance of a chain-split is less than 1%. Wouldn't really call it a risk in this market. The only possible fork could be in a 6 months with 2MB blocks. But since we don't need them right now, I doubt that it is going to happen that soon.
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