Today bitcoin back to $4200. As we saw yesterday it was $3700. Is there any chances that bitcoin go below $3000? If yes then what will be the main reason for it?
I think that it's going to just be a short term rebound.
There are really two possibilities, one is that BTC prices stay put at around $4k and that would be support, or prices go down further. I do not think that in the short run, there are any reasonable prospects for bitcoin to have a bullish breakout.
Got your point.
it wouldn't be able to stay below that level for long due to the demand for cheap coins that would form.
However, this is a direct contradiction to your point, that Bitcoin wont stay below $3000 for long. As per market sentiments, If demand of cheap/altcoins is to rise, then it wont be too rude to say that bitcoins time is limited.
That, of course, is what I could make of your reply, if the case be any different, request you to please elaborate.
start accumulating at a regular basis at this point so that your entry/buy price can be nicely averaged out across this period of bearishness, which has shown to be quite profitable given that you have sufficient patience to wait for the recovery which I don't see happening this year.
Couldnt agree more.