Quote from: Kemarit on January 12, 2018, 07:12:30 PM

Quote from: junetuesdays on January 08, 2018, 06:58:58 PM

Hello All,

Quite new to the crypto game and just wanted your thoughts on this, I'm considering buying bitcoin when the price hits its low aftet the recent news from China.

My question is how low do people think it will drop too? How confident are people that it will recover?

Looking at what happened in Sep-17 it went low but then rapidly increased do you think this will happen again.

https://qz.com/1174091/china-wants-an-orderly-exit-from-bitcoin-mining/

As far as predicting how low price of bitcoin will be, no one can really tell. But there are good TA around here maybe if they are going to chime their expertise, we would understand. But from estimation, bitcoin can go as low as $12,500 before we consolidate and test another bull run. How confident are we if China decided to close its mining farm? Of course we are confident because bitcoin its very resilient. It has proven time and again its ability to recovery from such adversity. Just like what you have pointed out, last September, bitcoin went down significantly, because of the China crisis, but just like before, it recovered slowly and beautifully. China closing its bitcoin farm, will put a dent on the price, no doubt, but you don't need to worry but just hold on your bitcoin and it will just be a matter of time being it can rebound, just like before.

I hope you are right. What makes me hesitate is the apparent reality of today is very clear. Although bitcoin is old and many people believe in it, because the value comes from trust, but still the problem with transaction speed and the high fee is still a scourge of bitcoin today. To switch to Lightning network is not as easy as turning both hands, of course it takes time that is not instant.

In the meantime, altcoin offers features that the users of this cryptocurrency technology want. Transaction speed and low fee are the top priority. I would agree if this year 2018, the bitcoin market cap can be surpassed by altcoin.