I just want to hear some plain old chart speculation, so here's the chart:
What do you think? Is it a dead cat bounce? I've seen those bounces many times in the past but never acted upon it. This time I did sell some BTC at 220$ out of curiosity. According to the Law of Conservation of Irony, it should not be a dead cat bounce (because this time I acted upon an assumption that it is).
Here's my line of logic: last time when we had this bear whale battle then it was different because there was probably some actual buying pressure at 270. This time I don't recall we had any crazy price action at 150$. But since it was such a violent drop I would think that it was something more than "normal" volatility. Whoever did it would profit from it if the price ended up lower than 150$, right? So should we expect more to follow?
Or perhaps if it truly is manipulation then we could see an upwards spike to 300+ prices as we have seen before. Those prices won't last long though.
I think the overall thinking has now changed to bearish. I mean, look at even this post. It's rather bearish, don't you think?
Interestingly the buy/sell walls look different than what they were some time ago. Right now it seems that it doesn't take much to make the price go up but previously the buy and sell side walls were more or less equal.
Over the past months I have started to think about a possibility that events happen to deliver people/participants the experience they need. I have come to a conclusion that if you are buying/selling cryptocurrencies for the wrong reasons then you will lose no matter what the true potential of those currencies is.
Right now it seems that many people interested in Bitcoin don't even know/care how it works. A slow and painful downfall is a perfect scenario to "shake out the weak hands". An even better scenario would be if Bitcoin went down and stayed down, never to significantly rise again. That way early adopters would still remain in profit and all the others would be in a loss.
The round 2 would be that some other cryptocurrency gains great value over a short period of time. The get-rich-quickers lose that opportunity since there are so many altcoins out there and the only reasonable way to invest is to carefully review them and select out the promising ones.
Now that people more or less know what cryptocurrencies are, they will find new uses for them. There's no doubt. However, at some point we all get sick and tired of the volatility. Of course at first it was fun to make good profit from a small investment but times have changed. It's time to start using the technology in real life business scenarios. Even if you think that eventually BTC would stabilize and no longer be volatile it doesn't mean the economy is willing to wait that. There's demand for volatility free cryptocurrencies right now and whoever solves the problem will dethrone Bitcoin. I personally bet on NuBits. The fact that 1 NBT is always 1 USD is so precious that sooner or later online merchants/service providers will switch to using them instead of bitcoin.
