In a recent Coin Telegraph article by Molly Jane Zuckerman https://cointelegraph.com/news/bitcoin-to-drop-as-low-as-1000-this-year-wall-street-cio-predicts it was discussed how an investment advisor Named Peter Boockvar sees the Bitcoin bubble bursting and dropping 90%; close to 1,000 USD. I’d like to explain why although that might be a possibility it is an extremely improbable one. With the recent closing of the BitConnect lending platform we saw what a 90% correction looks like and under which conditions. The crypto community was divided amongst the BCC token and business model. In a nutshell you were either a Biiiitconeeeeeeeeect believer or you saw it as perhaps the most blatant Ponzi scheme ever witnessed and tried desperately to warn your fellow Cryptonians. So let’s take a closer look under the hood here and ask some questions.
Bitconnect closed its site and announced it was unable to continue due [being caught as a Ponzi] problems with the platform. Yet on HitBTC 1/22/18 at 2:40 pm eastern time it is trading at almost $17 dollars. Higher than Ripple XRP, Stellar Lumens XLM, Omisego OMG, EOS, Golem GNT, Civic CVC which are all coins with a much more unified agreement amongst the Cryptocurrency community to be legitimate tokens (within reason all you XRP haters). So even with being outright caught red-handed as crooks there are still true believers. Bitcoin for all its issues is the most trusted of all cryptocurrencies so we have to ask the question “if an outed Ponzi scam in Crypto doesn’t drop a coin to zero, why would we ever believe Bitcoin would get even close?”
Is it logical to believe that bitcoin will go to $7,000? In short: yes. However we must ask the question “How much would you buy if it did?” I know I personally would be taking all my fiat positions and going all in, and with each successive increment of a thousand dollar drop in price there are more and more people on the side lines that will be dumping in money. Recall the first BCH pump and dump and remind yourself what happened to Bitcoin after it touch $5,000; one of the biggest buy volumes of 2017. https://data.bitcoinity.org/markets/volume/6m?c=e&t=b
Do you believe Cryptocurrencies, ALL cryptocurrencies will be dead in 2018? If the answer is no, then don’t count on Bitcoin getting close to $1,000. If at this point the mother ship Bitcoin drops to apocalyptic levels then you can guess that all coins will drop to levels so low almost everyone will sell their coins and it is game over. So if you do think this is the case, you might as well sell now.
In closing is a 90% crash in Bitcoin possible? Of course it’s possible, but then again it’s also possible Donald Trumps approval rating reaches 90%. The question is, just because something is possible does that mean it is likely? The time I’ve spent in the crypto world I’ve learned two things.
#1 Never listen to wallstreet FUD ESPECIALLY if it is from CNBC.
#2 Buy the Dips.
Would you trust this guy?
it is close to impossible for bitcoin to drop to $1000. what can even lead to this. Btc has come to stay
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