Bitcoin is dropping.
Leo23 are you still around? want to hear your view on the matter.
Yes, I am always around with cryptos and Bitcoin.
There is no one single reason for Bitcoin price to drop though some traders say that it is because of the coming Chinese new year and some say it's because of south korea and some say it is because of India freezing bank accounts of crypto exchanges and so on. I will agree on all of these reasons and many more reasons for this slow down of price of Bitcoin.
So though there are many more reasons, but in my point of view the biggest reason is because of the pump and dump of few hundred billion dollars which happened in December due to launch of Bitcoin futures market manly from banking industry.
If you pay close attention to the BTC price before december, then it was almost going up in a slow and steady manner till 8300 USD/BTC and within a matter of 2 weeks, the price shoot up to 19000 USD/BTC and hence, an obvious correction was needed.
But the correction is taking too long to recover in my expectations is because the pump and dump happened from major players in banking industry who can easily put billions and take it out for a quick buck and many of them have done it using ripple and that's why temporarily ripple was also rallying when Bitcoin was increasing. So it is better to stay away from centralised and banking cryptos like ripple.
I don't care about any price drop of BTC at all, because I am not going to sell any major BTC amount no matter whatever price drop happens, because I am sure BTC to rally for at least 1 MILLION USD per BTC within 2 to 3 years maximum by 2020 and it is not a long time to make such massive gains. So may be the nearest target to sell some BTC will be around 50K or 100K.
BTC price may drop even further till the last support levels like 8870 USD within next few days. But there is no guarantee though for such a drop. But when it will rally again it is going to be huge again may be till 30K to 40K within few weeks period of time, because the banks have got the taste of making quick bucks once and hence, they may try it again to pump and dump the BTC. So it is always better to be careful for retail investors not to sell of the BTC at low price if they have bought it at high price.
Just HOLD any BTC or major cryptos which you have and someone can sell partially small amount of BTC when it reaches higher resistance levels like 20K or 30K or 40K etc, but only if it is absolutely necessary to sell.
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