Re: Biggest threats to the price of Bitcoin.

Quote from: Bergkampsballs on November 07, 2020, 09:48:38 AM

Hi,

As everybody keeps pointing out that Bitcoin is a risky investment, I'm trying to get a better understanding of the greatest risks to my coin.

I must admit that sun flares and quantum computers were not what I was expecting to find when I googled this but alas...

https://medium.com/coinmonks/the-5-biggest-threats-for-bitcoin-that-have-the-potential-to-destroy-it-9b3845ebcd1d

https://decrypt.co/29625/the-biggest-threats-to-bitcoin-in-2020

To be fair, I think these sources are talking about things that would all but wipe out Bitcoin rather than just reducing the price.

I was wondering what you guys think is the most likely instances that would cause the price of bitcoin would sink back below say the $5,000 or the $10,000 mark?

This is a great start if a conversation!

I trade in the cryptocurrency market and use an advanced strategy called Elliot Wave Principle. It entails that in every IMPULSE, there will always be a CORRECTION. Price does not pump or dump straight, there is always a range. In every bull market, there will always be bear market. If you explain it in simplest way.

In correlation with that, in the Elliot Wave Perspective, Bitcoin is typically in the longest pump from its birth in 2009 and didn't create any macro correction. Way back when I was studying Elliot Wave, my mentor discussed about any reason or event that could make that happen.... Then he mentioned about the incoming solar flares. It is a event where all electronic devices will stop for a while, might take days because of that event. So technically what I mean is that this is only a temporary event but could have a big impact to prices of Bitcoin.