Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
DaRude
on 17/01/2018, 04:40:21 UTC
Quote from: Higher Altitude on January 17, 2018, 04:16:47 AM
Quote from: Peter R on January 17, 2018, 03:53:34 AM
Quote from: Higher Altitude on January 17, 2018, 03:39:38 AM
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.  Grin

That wouldn't be that bad. Get some attention off BTC and let the developers develop. Concentrate on the final product LN without all this BS that's going on now.