The quiet before the storm is here. Im not sure how much longer this sideways price action can go. A big move is coming. I still think we have a good dump coming taking us to $3000 before the next bull run. Whats your prediction?
Disclaimer: Im Hodling
I pretty much agree with your prediction, but the lowest that I see prices go is probably $4k at the moment. But I do think that a dip or two are still going to come our way before prices actually start recovering.
This is pretty much based on the previous cycles, especially the most recent bear market of 2014. Obviously it's not going to be a perfectly mirrored version of that, but it should be fairly close given the cyclic nature of the market within bitcoin.
Though, for now until the end of the year most likely, I think we'll still consolidate at $6k and see prices stay put and move mostly sideways without any major movement.
I think that the price will not down than $6000 and to my knowledge this is the bottom price for bitcoin, because if the price dips more than $6000, the supply of bitcoin will reduce because of no mining. Bitcoin miners already mourn that they are not making any profit because the price is very low and they may stop mining. Thats why I say that the price will never below $6000.