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RE: Bitcoin on the verge of a major move higher? Richard Wyckoff says yes!
Everytime BTC has made a really large jump to a new level, there's been a sell off prior and after, before settling into it's new zone. I feel like this last month will be one of the last time's to get into bitcoin under 7k. From late summer on, we'll see 10-15k and up. Mining is getting harder. BTC usage is still growing. Supply and demand.
I remember Charlie Shrem saying May was the last time we would ever get bitcoin under $10k... hopefully he was just off by a month or two. :)
I think estimating the 'time' of the bottom is nearly impossible. All I can say is that bitcoin will certainly be worth more than it is now at some point in the future.
I wonder how much of a factor in the price dropping is that it seems there are new variations on crypto currencies showing up on the scene regularly, so the money is more spread across multiple platforms, meaning less demand on any individual one.
Also the fear factor of how many stories keep popping up of markets being hacked or whatever, could cause some hesitation for people jumping in?
Both very good points, although we understand that these hacks are rarely ever relevant many newbies wouldn't and it would definitely act as a deterrent. As far as money being spread among crpytos and ICO's I think that's why its also very important to be looking at the overall marketcap.