WARNING: BITCOIN BUBBLE POPPED??
Bitcoin has crashed in the opening of 2018 which was expected in some long term BTC price predictions. I cover my thoughts on the Bitcoin price correction and if I think BTC can go lower this year. It is of course very hard to predict the BTC prices however we can give educated guesses based off what we already know. From past patterns, we can see that when Bitcoin drops to a 30 on the RSI scale, it bounces back up over the long term and the price tends to correct upward. I expect this to be the same situation again today however it is unfortunately only a case where time will be able to tell.
As we saw in the news today, India has gone ahead and announced that they will crack down on illegitimate cryptocurrency movements and also reinstated that Bitcoin is not legal tender. This was, of course, observed as FUD news at first, however, the community has been quick to clear that up this time around. India will in fact be adopting blockchain technology which crypto is built on, so it’s actually an incredibly bullish sign from where I’m seeing things. In addition to that, Samsung have also announced that they will be making cryptocurrency mining chips. Wall street are also big players that want to enter the markets. All of these factors (and a whole lot more) show that lots of players are eager to enter the game so there’s still a lot more room for growth here that I think a big % of us aren’t seeing. It shows me that Bitcoin will hit 100k USD maybe even in this year
As always, I’m not a financial advisor and you should do your own research.
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