Now before anyone gets mad when I say that we MIGHT be going down to 2300, I want to say that I am not saying it wont recover from there. The tech is solid and the interest is only growing (despite google trend analysis, how many times does one person have to google "how to buy bitcoin" before he figures it out).
The market is looking awfully similar to the last crash and long term bear market in 2014-2015. Currently we are battling to stay above the weekly 50EMA (as of 2/6/18). This is our first potential are for a true reversal. If not, and we drop down an identical percentage as the last bear market, we will end up on the weekly 200EMA, which should constitute for a clear buy for whales and experienced traders.
In addition, it seems like we are crashing at twice the momentum as previous, supported by the trend angles of both crashes. Crypto is going to become more volatile as time goes on due to increased whale influence and greed, eventually leading to inevitable market regulation (which none of us want).
Conclusion: No one knows the market, we can only use TA and analyze the past actions to learn from it. Will we see BTC at sub 3k levels? probably not, I dont imagine people wont FOMO at an earlier level around 4000usd BUT be prepared and have a plan if it does. Will this be the "end of crypto"? Again, most likely not. Im convinced this is a market that is here to stay.
P.S It will be interesting to watch what happens if the stock market continues to crash. If BTC consolidates we could see wall street interest raise
*Disclaimer* - This is not financial advice and I do not claim to be an expert. These are just my interpretations.
@GordonGekko33, Ill be buying with you there too! I can't imagine people won't be buying it up before that though.
theinternationalnomad
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I would love if it went down to 2300k, but cannot see this happening simply because I would envision every man and his dog getting involved at that price, thus scuppering Wall Street's plans. ;)
kevincantone4
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@theinternationalnomad, You and me both! I already have orders in all the way down ;) But I agree, thats why I said I dont see it getting past 4k unless some crazy news comes out
UnknownUnicorn1024359
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@kevincantone4, market behavior in crypto buddy,
buy high sell low
kevincantone4
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@GordonGekko33, I guess thats what happens when you have cnbc teaching how to buy ripple at the top haha. That and the "get rich quick" seekers after watching people on youtube