Bitcoin's slump might not be over yet

[Jamie McKane]

Bitcoin's slump might not be over yet

Bitcoin bulls could be in for more bad news. Long-term technical indicators suggest the battered digital currency is poised to continue its slump.

A technical analysis of DVAN long-term trend lines shows Bitcoin resuming its recent downward trend.

[Bloomberg]

 

[Kloofvreter]

Yeah, sure. As if anyone can predict.

 

[Compton_effect]

Buy small, and hold. Its either going to implode, in which case you should have only invested enough that a single beer is required to drown your sorrows. Or its eventually going to spike.

But if you want get-rich-quick - I've heard they want to privatize Nelson Mandela Bridge in Johannesburg. I can put you in contact with the Nigerian consortium managing it.

 

[SaiyanZ]

I've done a fair bit of reading on BTC and look at charts etc. My long term verdict is that we won't see those massive 1000% growth anymore unless the price drops quite low first, like to $1k and then bounces from there.

The issue that it's going to run into is market cap. At high prices, like $100k or $1000k per BTC, the market cap of BTC will start to be bigger than entire sectors and even bigger than the entire global stock market cap.

The value of BTC and what it enables will come into question at those high prices. People will ask the question: Is BTC more valuable than the entire mining or agricultural sector? I don't think it ever can be more valuable. Without BTC the world will go on. If there is no mining or agriculture then the world will be in chaos.

So long term BTC growth is limited in my view. There is no moon. It's more likely to stabilize in some zone and be rangebound for years/decades until the next thing comes around. Similar to how Gold has been rangebound for the last 8 years.

So the real question left is whether we are already in that range or whether it's around $1k, $3k, $20k or $50k.

 

[Swa]

Like any stock has ever behaved according to charts. The thing with BTC is charts is all there is. So everyone is trading around a self fulfilling prophesy.