Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?
I think that in the long run, everything will go to zero. But then, in the long run, we are all dead
I think that a lot of bitcoin price rises are definitely just overhyped prediction and speculation. So once people realise there is no basis behind the rise of the price they may start to dump, leading the price dropping to potentially under $500.
your comment does not make any sense.
even if price goes up because of a hype, people are buying it to go up which means a buy support is there and if you ever check some exchange an study the orderbooks you can see that support there. and even if some start to dump there are so many others waiting to buy bitcoin based on that support and it prevents price from going down specially so low to a $500 price.
and besides a sell needs a valid reason, not just a random one. random dumps are small.