News just in, China's closing down exchanges. They announced last week that ICO's are illegal and now they are stopping their people from transferring money to bitcoin. That is a lot of money being stopped and the rally this year has mainly been from China. I wonder if they will ban mining next. That will be another hit to bitcoin.
The only way now is down for bitcoin, especially for 2017. Long term it may recover and grow to have much more value than anyone can imagine. But for that to happen it needs more work and businesses have to start accepting it. Or we have a global shock like a GFC2/Korean War and people use it as a safe haven when their currency tanks.
I'm bearish short to medium. Long term I'm bullish.