Re: A Big Move Is Coming Very Soon...Up or Down?

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.

I can tell you there is no bottom. That is false information. If price is reduced so is mining and then also the mining difficulty which makes it more profitable. It's always a balance. That's why most mining is in China because they have cheaper electricity. Bitcoin can be mined at $0.01 and $100k, doesn't matter. What's changing is the amount of required electrical power from main grid which already is insanely high. Only bad thing that could happen is if every miner stopped at the same time. Then there would be no more blocks and the difficulty ratio can not be reduced. Bitcoin would cease to exist until some more blocks are found or the protocol is forked and changed (like with Bitcoin Cash that has a mechanism that lower difficulty automatically if there are no blocks. Arguable is that's good or bad. It certainly caused some extreme instability last year when it was launched).

If there is a price resistance I would say it's because bitcoin has changed hands so many times now that most investors bought last years levels. They simply can't sell and make a profit and this alone would not trigger a bear market. They rather hold. It's more likely a bear market is triggered by a really bad news event. That is my theory at least. The first is something that happened to Nano a few months ago. Some whales got Nano a really low price and forced the marked (at profit) really low without any real reason. Now most nano have probably changed hands into a broader public and unlikely we see one more event like that.