This post is purely speculative on Bitcoin's price movements on the weekly time frame. Long term is extremely bullish . Please read the chart for details. That's the bullish view.
Now, for an extreme, yet bearish point of view. How can the price of Bitcoin plummet, say, to around $1200 or even lower? The Central Banks and International Monetary Fund (IMF) (all banks of the world) control monetary policies and perform money market operations (e.g. loans, bonds, etc.). All of these banks could intentionally send interest rates so high (5%? 10%? 20%?) that it would force speculators out of the cryptocurrency markets, which is pretty much the bulk of participants in that space. However, this won't happen without collateral damage against the traditional markets (e.g. stocks, derivatives, real estate, commodities , etc.). Some of you might ask, "why would central banks do this?" The answer is simple. They feel threatened by the new, emerging and extremely disruptive technology to the point that they feel they need to do something to damage it or convince people that it has 0 value. Steep increases in interest rates have happened before in 1980 when the Hunt brothers cornered the silver market and caused a silver squeeze. This is because the brothers were dumping the dollar in exchange for silver , causing silver prices to sky rocket and people to lose some faith in the dollar. The Fed intentionally increased interest rates to about 20% along with exchanges that increased margin limits to fight against the brothers in a financial war. Eventually, the brothers lost this war due to leverage and inability to service their debt at 20%+ interest rates. They had most, if not all their silver holdings liquidated. The Fed lowered rates shortly thereafter. As you can see, it's all a game. So long as central banks remain in control of monetary policies, they can easily do what they see fit in order to further their global agenda. This scenario may seem very unlikely, but it's always a possibility.
Now, for an extreme, yet bearish point of view. How can the price of Bitcoin plummet, say, to around $1200 or even lower? The Central Banks and International Monetary Fund (IMF) (all banks of the world) control monetary policies and perform money market operations (e.g. loans, bonds, etc.). All of these banks could intentionally send interest rates so high (5%? 10%? 20%?) that it would force speculators out of the cryptocurrency markets, which is pretty much the bulk of participants in that space. However, this won't happen without collateral damage against the traditional markets (e.g. stocks, derivatives, real estate, commodities , etc.). Some of you might ask, "why would central banks do this?" The answer is simple. They feel threatened by the new, emerging and extremely disruptive technology to the point that they feel they need to do something to damage it or convince people that it has 0 value. Steep increases in interest rates have happened before in 1980 when the Hunt brothers cornered the silver market and caused a silver squeeze. This is because the brothers were dumping the dollar in exchange for silver , causing silver prices to sky rocket and people to lose some faith in the dollar. The Fed intentionally increased interest rates to about 20% along with exchanges that increased margin limits to fight against the brothers in a financial war. Eventually, the brothers lost this war due to leverage and inability to service their debt at 20%+ interest rates. They had most, if not all their silver holdings liquidated. The Fed lowered rates shortly thereafter. As you can see, it's all a game. So long as central banks remain in control of monetary policies, they can easily do what they see fit in order to further their global agenda. This scenario may seem very unlikely, but it's always a possibility.