Viewing a response to: @cryptospa/price-of-bitcoin-is-nosediving-when-it-will-stop-or-my-bitcoin-fundamental-and-technical-analysis-or-26-september-2019
In 2017 it was not the Lightning Network or any of the use cases for Bitcoin that drove its price to almost $20,000. It was pure speculation, FOMO, a new get rich quick scheme and probably a strong price manipulation conducted by whales and investment firms. Bitcoin will never replace fiat in my opinion. It will have some other purpose. I do believe though that in a decade or two more stablecoins will emerge that would be used world wide in all sort of known and unknown ways to purchase and transfers. Not Bitcoin. I appreciate your efforts to justify Bitcoin's recent price action and for the major altcoins also but I doubt it has anything to do with fundamentals and use case. Such assets are still influenced by too many factors and get into all sort of hands. I wouldn't compare them with classical ones. Times are changing and so investments. I admit that I wasn't expecting such a move and even purchased some ETH at $220 but this market is very unpredictable. Reactions are many and it's curious that most of the crypto outlets were expecting a new wave up when Bitcoin decided to do the opposite. Will now do the same and go up when everybody got bearish? We'll see. I don't see it close to $3,000 again though. Again I appreciate your efforts put up for this post. Have a good night!
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Thank you, @acesontop! Btw, in 2017 I followed very closely the situation on the crypto market. And at that time I worked as a cryptocurrency analyst for a very big brokerage company. So, at that time I wrote many articles and analysis about price of Bitcoin and crypto (probably 2-5 a day). The price rise was due to a hype/FOMO. So, the price of Bitcoin formed a BUBBLE. I have seen such kind of situations many many times, and I experienced it personally back in 2008. The Bubble unfolds almost always in a similar way... And I was able to predict back in 2017 in December that the bubble will burst ... exactly when Bitcoin hit $20 000 and retraced to $14 000 (last days of December). Then I wrote for many leading media outlets in Russia that it seems that's the end of the hype...Anyway.
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