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January 29, 2018, 04:34:21 PM |
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Bitcoin was due for a correction - it was obvious that its rate of gain last year wasn't sustainable (I think internally, everyone in the community knew this), fueled as it was by the larger, non-crypto community finally jumping on board in pure FOMO hysteria. I knew things were going to be crazy when my aunt, who doesn't even know what the word "decentralized" means, created a coinbase account. This was good for the upswing, and I'm sure everybody here enjoyed it, but these same people are easily scared and will bail (have bailed) at the first sign of trouble. That said, I honestly think a lof of these people will jump on board again if bitcoin can sustain even marginal growth (they want to get rich quick, and after you taste swings like that, going back to buying stocks isn't going cut it), which will again artificially inflate the price for a time. When we're in the realm of all time highs followed by near 50% devaluations, its hard to say what will happen, and I suspect these moves aren't driven by technical analysis for the majority of those involved, but pure emotionalism (and if the vast majority isn't trading by the "rules" then it makes predicting outcomes hard). That said, I suspect at least 1 more gold rush moment if bitcoin can stay stay positive, but when that one burns out (wherever it lands), I think we'll arrive at a stable bitcoin price for several years.
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