[2017-06-07]The Main Reasons for Bitcoin Price to Fall before Surpassing $3,000

[Vladdirescu87]

In the previous article about Bitcoin price trends at Coinidol.com, the experts predicted that the price of Bitcoin could hit $3,000 by the end of December 2017.

However, on June 6, the Bitcoin price hit an all-time high of $2,987. Almost $3 k per BTC. But then, the price fell down and now moves around $2,830-2,850.

We contacted cryptocurrency experts for comment on the possible future of the Bitcoin price and whether inevitable corrections will drive the price down.

You can read the full article and take part in the discussion here: https://coinidol.com/main-reasons-for-bitcoin-price-to-fall-before-3000/

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[MadGamer]

It has something to do with people panic selling with one way or another. If only people could for a longer time and stop thinking about making small and fast profits, we could've reached 300$ easy. Whoever is looking to bitcoin more as an investment than a currency, should understand that It's meant to be for the long term.

[bicork]

The thing I learned from stock exchange: experts are only people with opinion, do not forget about it.

[Zicadis]

interesting article and i like the application of the "Kelly's formula" if that's what it is called but it seems to me only early adopters are the only parties that can actually apply it.
I also would not agree with his price drop expectations as there is a growing demand for bitcoin which can not be compared to 2014...unless he is a whale trying to send a wave of panic to buy himself cheap btc.

[darkangel11]

I don't remember who said it first but people like round numbers. THere's a reason why big walls usually form around these round numbers like $2000, $2500, $3000 and so on. It's in human nature to prefer 3000 from 3005 and most people know about it' which makes the walls even bigger, because people expect others to sell at $3000, so they're preparing to sell before that. It's going to take time, but we'll eventually break it, just like we broke $1k and $2k.

[1Referee]

Point is that it doesn't matter whether or not it will correct before jumping back up to potentially +$3000 levels. I prefer the price to take its time, so it can build up a decent level of support throughout the entire market. It's almost insane how the price has gone up to where we stand right now, in such a short period of time. It's time for a much needed break aka consolidation period. In that regard, I am happy to see the $3000 level being eaten through a few months away from now - no need to rush things.

[TraderTimm]

Bitcoin bounced off of $1,000.

It bounced off of $2,000 for a short while.

It has now bounced off of $3,000 for a bit.

This is something that we've seen over and over, and yet we're supposed to panic? Seems to me someone is trading with emotions instead of a trading plan.