A lot of projects within the space are massively overvalued.
There is a lot of delusion in the minds of this space, there is a mass of people who have money invested (whether it be coin, hardware , whatever) in this space who have creditors and bills .
Not to mention there have been a good deal of problems and scams which will stay in the minds of people who got burned and whoever they whine to.
We will see what kind of capitulation goes on at 7k.
The pattern is playing out similar 2014 and most parabolic advances now after the recent I think we go lower and grind sideways for months now.
Crypto, however, fundamentally is a much bigger space now there us a plethora of exciting projects going on and some of the best minds in the world active and the best buying opportunity is approaching in my opinion.
I remain unconvinced of a massive comeback for crypto and Bitcoin. There are memes flying around the Internet in regards to consensus 2018 pumping the price, however, I see this the same as in January the meme of Wall Street Bonus 'and in April how after taxes there would be a pump. Rumors spread in this ecosystem very easily and it seems many people do not check for themselves.
I see long term a triangle forming, the pattern could still be busted but seems to be paying out well.
Bottom edge of the channel that price is approaching is around December 2018 with price around 5800 - 6200
This would mean that the target of the descending triangle would not be reached.