Beyond the technical aspect of the bitcoin price analysis, we should also take into account the various problems that the bitcoin ecosystem is currently facing before making our predictions regarding the potential drop of bitcoin, which, if not resolved, could lead to this economic project to failure, and that would obviously mean a gradual collapse of such a magnitude that we can not yet predict.
These problems were present even before we hit $1200. The market sometimes just tends to shrug them off, thinking that given time these problems will be taken care of. Markets may not always think logically.
Yes and now the price is around 890$ and I am a bit upset and I always thought that the price would go in up direction only. Anyways hoping the price soon reaches 1000$ at least
Lol, why being upset? it is normal for bitcoin to go up and down. If you watch its movement from the start it alwas goes up and down along the way. The higher the ups the deeper it goes down. So i always prefer a slowly uptrend of bitcoin price to at least avoid this kind of scenario, Bubbles always burst. I hope that the burst won't be that huge making Bitcoin price goes down to sub $500.