Bitcoin price will go under its original trend
Updated
(Scroll the chart to see description for the orange arrows) The November 2013 mega pump was mostly driven by Chinese speculators. And these speculators are very critical that their government will not allow Bitcoin to grow so big. bravenewcoin.com/news/zhang-weiwu-at-bitcoin-south-bitcoin-adoption-in-asia-a-general-introduction/ Ever since that time, Bitcoin experienced three major dumps. Good news after good news did not prevent the sell-off since there is literally no user demand for the currency except for start-ups, late speculators, and illegal trade to push up the price. Also, such news are Western-dominated and Bitcoin is mostly held by Chinese traders.
Plus the fact that gold prices are down and the USD is going up since the US economy and S&P is improving. Traders are moving their money towards lucrative trades.
However, global Bitcoin-related business start-ups have increased 300% since January 2014. There's a substantial drive to bring awareness to the masses to the benefits of the crypto-currency. So, it will never go to a zero value unless another coin replaces it or a major technical problem is never solved.
Panic, capitulation, and despondency must first come from the speculators who first bought in right before and during the November 2013 pump.
The volatility issue will never be solved unless bitcoin is distributed into the hands of many people, ex: 10m actual users each hold 1.36BTC, each btc worth $200. Only then will the price be stable that speculative trading will not affect it too much.
Bitcoin will recover but it hasn't reached the critical point. Massive distribution must happen first. Only when Bitcoin is on everybody's lips, will the recovery begin - only when you suddenly know more people that knows what Bitcoin is about, only when you ask a man on the street what Bitcoin is and he knows the answer.
Plus the fact that gold prices are down and the USD is going up since the US economy and S&P is improving. Traders are moving their money towards lucrative trades.
However, global Bitcoin-related business start-ups have increased 300% since January 2014. There's a substantial drive to bring awareness to the masses to the benefits of the crypto-currency. So, it will never go to a zero value unless another coin replaces it or a major technical problem is never solved.
Panic, capitulation, and despondency must first come from the speculators who first bought in right before and during the November 2013 pump.
The volatility issue will never be solved unless bitcoin is distributed into the hands of many people, ex: 10m actual users each hold 1.36BTC, each btc worth $200. Only then will the price be stable that speculative trading will not affect it too much.
Bitcoin will recover but it hasn't reached the critical point. Massive distribution must happen first. Only when Bitcoin is on everybody's lips, will the recovery begin - only when you suddenly know more people that knows what Bitcoin is about, only when you ask a man on the street what Bitcoin is and he knows the answer.
Note
All short targets and long-term buys achieved. Applaud yourselves if you followed the chart.
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