There is a very basic reason why bitcoin wont go down to 7500k. That is volume. least we forget what makes bitcoin so popular is its essential scarcity in supply. To date there is just 16.846 million bitcoins in circulations and almost 40% of those belong to 1000 people, commonly known as whales. Now these whales have been around for a long time, and in that time, bitcoin has faced countless threats of annihilation but it still stands today. So if someone didnt cash out when bitcoin hit 20k there is no way they would cash out when it hits 8k. These guys are here to stay.
Now that leaves us with 60% or roughly 10.1 million in the hands of the common investors. The investors who run for the hills with the first sight of despair and sell like its black friday! Now most of them jumped on the bitcoin wagon in late November and early December, that is when prices started going sky high and ever since they have been jittery at best. Social media and FUD swings their moods like a teenager on her periods, and flicky fingers are always ready to run at the first shout of regulation and taxes. Now, the good news is most of them have been swung out of the whole crypto sphere in the last month of crypto bloodbath, and if you look at the trading volumes, that 10.1 million bitcoin has already been traded away.
Another aspects to remember is Bitcoin futures have already come in to play, which significantly legitimates its position, and this is something which is extremely difficult to do, on exchanges like CBOE and CME where some of the biggest investors in the world trade. It is also equally difficult to remove an item from the exchanges once its been implemented, especially one which is a cash cow like bitcoin. So rest assured and trade happy because Bitcoin by enlarge is here to stay, even if all the other coins burn up in smokes.
Now that leaves us with 60% or roughly 10.1 million in the hands of the common investors. The investors who run for the hills with the first sight of despair and sell like its black friday! Now most of them jumped on the bitcoin wagon in late November and early December, that is when prices started going sky high and ever since they have been jittery at best. Social media and FUD swings their moods like a teenager on her periods, and flicky fingers are always ready to run at the first shout of regulation and taxes. Now, the good news is most of them have been swung out of the whole crypto sphere in the last month of crypto bloodbath, and if you look at the trading volumes, that 10.1 million bitcoin has already been traded away.
Another aspects to remember is Bitcoin futures have already come in to play, which significantly legitimates its position, and this is something which is extremely difficult to do, on exchanges like CBOE and CME where some of the biggest investors in the world trade. It is also equally difficult to remove an item from the exchanges once its been implemented, especially one which is a cash cow like bitcoin. So rest assured and trade happy because Bitcoin by enlarge is here to stay, even if all the other coins burn up in smokes.