support at $74/coin. Why? because that's about where the price was when a whole bunch of people bought their Avalon Asic batch 3 , and they will be damned if they will pay less than their calculated ROI price per BTC.
so there it is, the price should be roughly $90 now , due to deflation. =) But folks are scared, still. For good reason. Lots of people won't be able to cash out on a whim at the same time, and that is scary. =)
As they say, '
the wish was the father of the thought.'
I would suggest that the vast majority of Bitcoins sitting in trading accounts or in people's wallets, were bought for considerably less than $74. This means that the majority of coins out there, can be sold and still bring the owners of these coins considerable profit margins. The panic sellers have probably sold by now, but the steadier, greedier, or more ambitious hands, who are holding their coins in the belief/hope that the market will somehow go shooting up again, will slowly realise that the market psychology has changed and will start trying to lock in the gains that are still available for them, thus increasing supply of Bitcoins and driving the price down further. To fresh capital, i.e. those with no previous emotional involvement in recent events to cloud their judgement. Bitcoin is an absolute shit covered stick at the moment so even if those who have manipulated this boom bust into existence wanted to attempt to drive the prices back up tomorrow, they wouldn't succeed and would only lose money by increasing price and allowing late entrants to minimise their losses, because only a fool would put any significant amount of fresh capital into Bitcoin at the moment.
There will not be the fuel for another obscene price hike like we have seen for some time to come, which I imagine has destroyed many people conducting real economic transactions and exchanging real goods and services using Bitcoin, who have fallen prey to the parasitic bubble.
Bitcoin price to trend down over time to a level which none profit crazed speculators and real economic transactions can support, before any meaningful upward trend will reoccur.
