Historically BTC has always been trading above the 25MA on the weekly chart until the very last January downtrend, following the consolidation and struggle to break above it. BTC price action is also struggling to break above the 0.618 Fibonacci level, which is another confirmation of a weakness.
Now looking at the fundamentals, it is no secret that the cost of mining Bitcoin, the energy consumption, transaction fees and the slow transaction time is only going to get worse, as the average people understand more about the general understanding behind digital assets. In my personal opinion, BTC is heavily manipulated by a small percentage of miners who own most of its supply. Also, ICO bubble is going to burst with the upcoming regulations which will undoubtedly have an impact on Bitcoin and Ethereum as well.
There are of course people like Steve Wozniak or John McAfee who will continue praising Bitcoin and encourage people to buy it "before it reaches 100K". THIS IS NOT A FINANCIAL ADVICE but with enough research and rational thinking, anybody who can remove one of truth's protective layers.
According to Forbes, Bitcoin miners underestimate the risks associated with energy consumption on the global scale. “Predictably, Bitcoin miners downplay both their energy usage and the threat it poses to ordinary people, ordinary businesses and the planet that they occupy.” - cointelegraph.com/ne...time-trading-at-7300
Now looking at the fundamentals, it is no secret that the cost of mining Bitcoin, the energy consumption, transaction fees and the slow transaction time is only going to get worse, as the average people understand more about the general understanding behind digital assets. In my personal opinion, BTC is heavily manipulated by a small percentage of miners who own most of its supply. Also, ICO bubble is going to burst with the upcoming regulations which will undoubtedly have an impact on Bitcoin and Ethereum as well.
There are of course people like Steve Wozniak or John McAfee who will continue praising Bitcoin and encourage people to buy it "before it reaches 100K". THIS IS NOT A FINANCIAL ADVICE but with enough research and rational thinking, anybody who can remove one of truth's protective layers.
According to Forbes, Bitcoin miners underestimate the risks associated with energy consumption on the global scale. “Predictably, Bitcoin miners downplay both their energy usage and the threat it poses to ordinary people, ordinary businesses and the planet that they occupy.” - cointelegraph.com/ne...time-trading-at-7300
