So basically if I ignore everything said and just focus on one point i can amuse by this time next year the bitcoin price will be between $86 and $260. Those prices would still make many people wealth if the damn difficulty didn't rise so high so fast this year. I would have been wealthy if my home miners didn't become obsolete so fast.
So that's the reason why I wanted to share some technical analysis. Difficulty versus price.
Bitcoin is much alike Gold in so many ways. And mining is one of them. Need to invest hard to gain hard. Difficulty levels makes it impossible for people without the hardware to mine anything while being profitable.
But Bitcoin trades much like any stock... in fact, I would say Bitcoin is now a little more predictable than most stocks. The reason, it trades mostly on algorithms and patterns. There is no Downgrade or Upgrade by a firm (that I know) that moves bitcoin's price.
So there is trading. You'd be surprised how many people trade bitcoin.
I don't see the end of Bitcoin like a lot of people are trying to tell you. But I don't hoard bitcoins. But I do save a coin or two.
I think we may be nearing a bottom based on the technicals. I bought some yesterday through CoinBase, and I will add more if it starts going to the levels I mentioned above.
GL