Please only serious posts by bears only. I need a discussion on how far you think this price will drop.
I am slowly buying bitcoins for non-bitcoin investments that are somewhat price related to bitcoins. I am only investing in non-bitcoin investments which are still cheap even if bitcoin falls below $300.
I personally believe the price is still way too high and all the signs are pointing for a big drop. Volume is also super low which usually means further drops are coming. Bitcoin has been nothing but weak the last few days and I expected the price to be in the $700's when I woke up this morning.
How far do you think this will one go until the price finally stabilizes? I am thinking around $300-500, since I always undershoot it will probably fall in the $600's.
What are you guys thinking? Where do you see bitcoin finally falling and stabilizing at?
You know I'm a bill long term but I will answer your OP question as sincerely as I can.
In looking for the new floor you need to look for a downtrend from now to first week on January.
If you see a downtrend that gets heavy resistance before $600 you should buy.
There is way too muchl money sitting on the sidelines for the market to fall far. And when it comes back in he market will have established its floor.
Most people are looking at 600 the same way they did 50. So on a down trend I would expect the buying to start between $620-$700.