Looking at Bitcoin now hitting the 10K mark and its remarkable story i was wondering in its current state what could be the best and worst things that could happen to Bitcoin ?
The worse thing would be that people would sell their coins too early. The price looks like it's going to get higher than 10k.
The worst is actually worse than that: People getting convinced that bitcoin is a bubble and starting to dump their coins, which would lead to the collapse of the bitcoin market. That would be the worst. It is highly unlikely, but it can happen.
The best case scenario is that the price continues to increase at the current rate, without any corrections in the foreseeable future, solidifying bitcoin's position.
Not at all. The best is for a reasonable correction, meaning not too big nor too small to occur. If bitcoin gets up to $10,500 or so then corrects back down to the $7,000 to $8,000 range and find steady support and then begin to climb back up. Rising prices are great it is just when they rise too fast does it become a problem.
Seeing that most of the recent run-up in price has happened in just the last few months is a big worry, a correction and spending some time 4-6 months for instance slowly building back up to $10K would be more sustainable long term.
