I would like to understand the main reason behind the bitcoin dip/crash (whatever it may be). Currently BTC is trading at 12.5K on preev.com, and I am beginning to become scared as to what the near future may hold for bitcoin.
Is this a Bitcoin crash? Or is it a crypto crash too? Is it just the holiday season or something else? We can also see on coinmarketcap.com that in essence, almost ALL alt-coins are also down by a similar amount in %.
Hold or sell, what do you think?
PS: Please don't just spam this thread with:"Sell now, it will crash" or "Don't worry, it will go up". Base your points on facts that drive the discussion forward, not just general terms that have been already written down many times before.
A lot of good points, but this climate of extreme volatility by which Bitcoin has a reputation for means that half of the analyses will be right half of the time, and half of us will be right half of the time, depending on when we predict and analyse. It's almost like gambling, with the certainty of winning streaks equal to that of losing streaks.
But to add my own thoughts: this month saw the launch of almost unknown Bitcoin forks. To my knowledge, at least six Bitcoin forks happened in the past three weeks, or at least were trading as futures on a small exchange based in Russia (check out Yobit twitter to see). Now I know the community in general is tired with these forks, but perhaps the lure of instant money was too much for newcomers who missed out on BCH and BTG? Was the buying frenzy partially generated by people wishing to claim these fork coins? And the current dip partially owing to people who've already claimed and now don't need the Bitcoin?
The total price of these six forks on yobit trading is almost 3% of Bitcoin price. Not a lot perhaps, but a good block of instant "free money" for speculators.