I'm just having a little fun with the BTC chart, I thought it would be interesting to calculate the price corrections that BTC has experienced this year (> 25%) and to also calculate the price increases from one correction to the next. I am going to go out on a limb and predict that BTC will hit a price of about $16,000 (barring a Black Swan event) before we see another price correction of 25% or greater.
I believe, this Bitfinex/Tether thing which is pushing the Bitcoin market up and up, as they are creating tether from thin air, is going to collapse very soon, and we may see another Mt. Gox very soon. What do you think?
Here is the link.
biznews.com/global-citizen/2017/12/06/bitcoin-bitfinex-tether-risk-crashing
Bigsky_Crypto
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@sfarooqa, I would never dismiss the possibility of another Mt Gox style event taking place, it very well could. I believe though that we are at a very different time in Bitcoins life cycle than those early days and although an event like that would most definitely be a shock to the market, IMO a total collapse of Bitcoin and cryptocurrencies, as a result, is very remote. No one knows for sure what the future holds for Bitcoin or any of the other cryptocurrencies, my opinion is that the world is moving slowly toward a cashless society, which cryptocurrencies will be a part of. Whether they will play a major or minor role only time will tell.
Having said all of that, I continue to be amazed at the appreciation rate of Bitcoin, but can it continue at this rate? I cannot imagine that it can. So whether you call it a collapse or a correction, I am sure at some point the price will and it could be very soon. I in no way believe though that it will be a total collapse where they never recover. My opinion is that in one form or another they are here to stay.
Here is the link.
biznews.com/global-citizen/2017/12/06/bitcoin-bitfinex-tether-risk-crashing