Nothing can destroy Bitcoin, it is UNSTOPPABLE! Current MC: $125.6B (+0.00 in two days!) Bitcoin Dominance 48.1%
The past few days have not been nearly as volatile as we expected directly following the news of SEVERAL Chinese Bitcoin exchanges closing down. Maybe all of the FUD has already run its course and we are looking to recover now? China has done things like this in the past and has always come back and lifted the restrictions in the end.
China DOES NOT want to be left in the dust when the Bitcoin wagon goes to the moon! They are very interested in accumulating commodities that will directly compete with the USD, such as precious metals and of course BITCOIN. Money is power and China is no fool. They realize that by manipulating the international markets it provides a fantastic buying opportunity for themselves.
Yesterday I also heard that the Jamie Dimon statement was just a publicity stunt to sharply drop the price so JP Morgan Chase could accumulate millions in cheap Bitcoin... I would not doubt that for a second! I don't trust billionaire bank CEOs and certainly wouldn't listen to anything they have to say about Bitcoin. Bitcoin represents a direct threat to their business model therefore they have an interest in seeing it go down. The irony is we are seeing more Wall Street investors and hedge fund managers buying crypto now - if you can't beat them join 'em.
(Source: https://coinmarketcap.com/)
The relative Bitcoin stability is great for alt-coin markets since it gives them a chance to thrive without constant turbulence. When BTC is stable, money flows around the cryptosphere and alt-coins can grow again. When BTC is going up and down rapidly it puts a lot of strain on alt-markets and some people revert back to BTC or USDT to hedge against volatility.
Once people realize that Bitcoin can handle anything you throw its way, then they will begin to have more faith in the technology. Bitcoin has proven to be resilient in the face of a civil war, hard-forks, even harsh government regulations and bans. If Bitcoin can continue to stay strong in the face of adversity it will show the world that it is here to stay FOREVER. There is no point in banning BTC because people will just find another way around.
The next month should be a very bullish one for Bitcoin and all of its children as we see increased institutional investment below the $4,000 zone. This is the opportunity that late investors have been waiting for! Bitcoin will only become more expensive as the years go on and it is a very limited commodity in this world.
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.
(All pictures without sources are free domain images from snappygoat.com or created by myself.)
I will try to do a full Bitcoin price forecast late tonight after I get out of work. Check back for that in about 12 hours :) Happy trading!