Quote from: Slow death on July 21, 2017, 08:49:27 AM

Predicting bitcoin markets is near impossible

https://news.bitcoin.com/wp-content/uploads/2017/07/header-1068x712.jpg

There has been a lot of fear, doubt, and panic sweeping through the cryptocurrency world the last few days. Many people made doom and gloom bitcoin price predictions, especially this last Sunday when the price went into a bomb-propelled plunge. People and media sources said this could herald the end of bitcoin or suggest thebubble had popped. However, just a few days later, the price started to skyrocket again, vexing naysayers and overturning shortsighted predictions. Looks like they ate their words.

Bloody Sunday Price Analysis

For perspective, lets analyze recent price movement in greater detail. Prior to last weekend, the price was hovering healthily in the upper $2,000 range and flirting with a $3,000 peak. As the weekend rolled around, the price began to plummet. This occurred in lockstep with fearful signals that the bitcoin community would not be able to reach consensus on the scaling debate. So during the wee hours of Sunday, the price dropped roughly 10% to a devastating $1851.49, a record low in recent weeks.

https://news.bitcoin.com/wp-content/uploads/2017/07/chart-good-696x603.png

Catastrophic Media Headlines and Price Predictions

During the price downturn, media sources exacerbated fear by writing clickbait headlines to scare people into a panicked frenzy. CBS news wrote on July 14, Did a Bitcoin Bubble just Burst? On July 17 Fortune wrote Wipeout: Bitcoin and Other Digital Currencies in Price Collapse.

https://news.bitcoin.com/predicting-bitcoin-markets-is-near-impossible/

Bitcoin market is too volatile. I guess people are playing by their instincts. Hence it is a strong man's game. The ones who falter are destroyed while the latter ones are millionaires.