Seems like this can be a new bear market to me.
Like how the price went from ~430 to ~680 in 2014, and then started to to fall for quite some time all the way to the 200's.
As with any other commodity, what is generally the lowest price that Bitcoin can go to, before it is no longer worth the producers (miners) while bringing the product to market? I believe with BTC, the big mining farms can knock out 1 BTC for an average price of around $200 +/- $50.
BTC has spent a whole year oscilliating around this price point. How many stories/reports you heard of "I used to mine BTC; but after the price sank below $400, it just wasn't worth it, so I sold my mining gear"?
The big Chinese Miners, have driven Bitcoin into the dirt and held it there, whilst all the 'weak hands' in the mining game have folded their hands, as have plenty holders of BTC. It is patently obvious to most people interested in BTC, that the market is totally dominated from China. So 'they' have control of the market, and with the BTC halving event 6 months on the horizon, and for arguments sake, the average cost of producing 1 BTC is going to rise from $200 to $400, what must by definition happen to the price?
Naturally, 'they' are going to want as few of the trading public buying into BTC down near the bottom of the pole as possible, cos 'they' want the public to be charging in at $600+ and this might be one of the reasons why it is certainly going to seem to many as though Bitcoin is in a bear, and why it is a near surefire certainty that $352 will be punched right through soon enough......that will cause a lot of panic, doom n gloom for sure, question is, at what point down below will 'they' be scooping up all the panic dumped BTC?
BTC has become a cash cow to Chinese Bitcoin Cowboys and a great means of getting wealth out of CNY and into USD. They have hijacked it, they are the controlling faction, it is in their interests to keep the whole racket afloat and they will keep it afloat, fleecing dumb western traders and Joe Public every step of the way with their totally manufactured market manouevres, designed to ensure the majority, always does the wrong thing. This is another reason why I think we can safely disclude any new ATHs from being hit anytime in the near future. BTC isn't being run as a one off massive pump n dump scheme, but a pump n dump farming operation, up, down, up, down, up down, as we are already seeing, she shall be sure to go...........I reckon it will tag $1000 later this year......after that point, we will be back in a 'bear market'.
