Investors and nonprofessional people have different thinking about bitcoin. But in my thinking now bitcoin is still worth-able and its price groow above $1000. So we have no argue to discuss about bitcoin price value. In my eyes, bitcoin already achieved a successful place and now it is depend on ourself how we gain and make profit from bitcoin.
Succesfull for a currency in my perspective is not determined on how much the coin's value is, but how's its coverage and usage in this world. It's no use if there's some altcoins which have overwhelming value but only be used among communities which coverage is low. It's ain't real currency but more likely a valuable digital properties.
right , you can see there's altcoin named bitcoinplus and looks onfire in the last few days have a value 0.004 jump to 0.12 within a day but dropped again to 0.03 in the same day. why it's happened? the community/user come to take advantage only , while in bitcoin it has well established enough compared to other cryptocurrency and people make it as future investment plan. 100% agree with you.
How about when the price of bitcoin reached $1200 and then it went back to $200? Maybe it didn't happen in the same day, but it did happen. It's the people realizing the actual worth of what they bought. At that time, bitcoin was starting to get so hyped up that people are buying and buying more bitcoins.
And then when the hype was over, there's not that much support going in (unlike now when bitcoin starts to go down, some people are preventing it to go down even more by buying or by putting a huge sell order at a certain price) so the price went back down to $200
Both the price rise and the price fall were not due to hype back then
Hype itself was only a consequence that followed severe market manipulation at Mt. Gox in those times. If most coins hadn't been there like they are not today at just one exchange, the price, first, wouldn't rise that high in the first place, and, second, wouldn't fall that low afterwards. The price manipulation going on at one exchange would be rather limited and short lived at that since it would quickly have become known that it was impossible to withdraw coins from Mt. Gox (and Mt. Gox would collapse a lot faster). Further, since the coins that got stolen at Mt. Gox would have been distributed between many exchanges, the collapse of just one exchange wouldn't have led to drastic price decline as it happened in reality