Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Bitcoin is the one and only original. If its price goes somewhere sub 3k it's probably game over. But it won't happen until all the knockoffs die first.
$18k -> $3k (6x) wouldn't be unprecedented. In 2011, we fell from $30 -> $2 (15x), in early 2013 from $250 -> $50 (5x), and in late 2013 from $1200 -> $200 (6x).
If we get away with a low of $9k (2x) I'd hardly even call that a crash!
Here are projected lows compared to historical crashes:
2x: $9,000
3x: $6,000
4x: $4,500
5x (early 2013): $3,600
6x (late 2013): $3,000
10x: $1,800
15x (2011): $1,200
I'm not even saying Bitcoin didn't have worse days because it has certainly been going through a lot and came out on top. This past year has been a gold rush for Bitcoin and if it did crash back down to really low prices I think it would destroy a lot of confidence in the market. People might discard it again.
And I agree on another post that Bitcoin should be USED. It's the closest thing to digital cash I have ever owned. But the transaction fees have been way too high lately. That's why I like Litecoin.
