Post
Topic
Board Speculation
Re: Global Crypto Bear Market
by
Torque
on 16/07/2017, 14:37:53 UTC
Want to care a guess at a support bottom for this year? My educated guess is ~$1800 trading bottom, with a possible quick spike down to the ~$1500 range or so.
I don't dare predict bottoms before they happen.

I have made a realization, however. The bear market is likely to continue until at least February 2018 because that's when the 2 MB hard fork is supposed to happen. Currently, the debate is a little subdued because everyone is fine with getting Segwit. It's the path afterward where the civil war will break out for earnest. Until that is resolved, I cannot imagine mid/long term bullish conditions.

Yeah, it seems like Bitcoin will perpetually and forever have another "enemy" or "event" on the horizon or around the corner that is attempting to thwart or undermine it. It's never ending.

That being said though, I think that the Bitcoin market will mostly trade on bot-driven technicals and in hindsight this mini bubble will look pretty much exactly like every other one did, with a double top and gradual wane. It'll probably take until mid summer next year before we start to see a final bottom.

Like Satoshi said, "The price of any commodity tends to gravitate toward the production cost." Bitcoin and every other mined crypto has tended to prove this out over and over again over the long term.