is it game over for bitcoin?
the main reason for bitcoin dropping rapidly is
The panic sellers
Buy Bitcoin , invest Bitcoin , trade Ethereum etc. Since the rapid price increase in 2017, a broad media interest in cryptographic currencies has been established. As a result, many "amateur investors" also wanted to participate in these price gains and still want to do so. Encouraged by forecasts such as "Bitcoin can be worth €50,000 by the end of the year" or "Ethereum is the next Bitcoin", a lot of money was invested without the necessary background knowledge about the technology (block chain) or the financial market. Ultimately, they were hoping for further price gains in the three-digit range.
But when prices start to fall, which is quite normal and you can observe this process on the world's stock markets on a daily basis, then comes the fear of losing money. In the worst case, the Bitcoins and the Ethereum are sold again with loss to avoid an alleged total loss. This panic reaction then also triggers an increased sales on the market and prices continue to fall.
you can see from the collapse of prices and the panic selling that many small investors are on the market without knowledge and patience. This ignorance is mercilessly exploited by large speculators. Those who let themselves be guided only by their greed for quick profits and invest in Bitcoin and Ethereum without any sense or understanding will most likely lose their money
cryptocurrenices are missing is regulation
if it gets regulated then we are good to go all time high !!!
bitcoin is currently creating a head and shoulder as you can see on the chart
if it successfully forms it can then go to 4500
if bitcoin breaks above and closes above 7000 then this might be the turning point