Quote from: Gabb on April 05, 2018, 11:53:19 PM

Quote from: Canis Majoris on April 02, 2018, 07:36:28 PM

I come to think that we can't fall massively below 5,000 dollars per BTC - if ever - unless some major whale - of the Mt. Gox trustee's scale - decides to cash out. I base my assumption on the premise that people who bought coins at high prices like over $12-$15k won't be selling at prices below some psychological limit because selling at such prices will be pointless and their only viable option will be to continue holding. So it is not just about demand building up, it is also as much about supply running dry at lower prices. That could potentially lead to less volatility, at least temporarily until a new long-term trend gets established.

Bitcoin has been shown over the years to be absolutely immune to what technical analysts tend to call "psychological levels". I remember that over the past year there was too much speculation about what would happen once the bitcoin price broke the historical high around $1,200. Many also watched with expectation the moment when the marks of $5,000, $10,000 and $15,000 fell, and bitcoin broke those barriers easily and without fright. Therefore, I do not see any solid reason to think that the $5,000 price now can work as a sufficiently strong support level in case a massive sell-off occurs.

In fact, that point I mentioned right in the OP, which you included in your quote, by the way. I highlighted that we are not invulnerable or immune to the impact that a big whale could easily deliver. But then the price would plunge however low, even to single digits if, for example, Satoshi himself comes out of his hideout and drops his stash of coins on our heads. But there are more than enough bearwhales beside him who can dump the price below what we could reasonably think of.