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RE: BTC - We are testing a long term support line
I don't believe in bitcoin as a contender for the backbone of the FUNCTIONAL crypto economy. For speculation, it was great for brand name and scarcity, but I think the model for transactional efficiency is probably the VISA network, and so something that's going to really work has to be close to that. Maybe DASH? Maybe some kind of ETH sidechain system like Raiden?
Yeah its becoming clear Bitcoin cannot scale . A lot of people who bought into the hype may be disappointed this time next year. I am very bullish on alt coins gaining mass adoption as the development is not holding them back. Currently, we are seeing a massive shift into as alts as BTC fees and meme pool sky rocket completely outta control. Its very likely to see BTC dominance to drop to sub 20% in the next few months.
If people keeps dropping. Then the folks who bought BTC around it's height. Will be bearish on the altcoin market.
Once it's loses dominance, then it's over for BTC.
BTC was the first one, and the most popular one, for a time. But if it drifts back to the same price level of the altcoin market. Then it will never get back up again.
There are way better opportunities to invest in right now.
No, Investors are just moving on to others coins. Social Media was the same way and many other tech. The network of Myspace did not give up on social media but instead switched to Facebook. Same is happening in Crypto. Its just rare first movers find mass adoption. Usually, its the second or third generation tech that gains mass appeal.