It looks like the three mysterious flash crash/recoveries on the BitstampUSD chart had absolutely no effect on the overall market as BTC is yet again strongly bullish with a slight hint of a small retracement on the horizon as the stochastic oscillator (both fast and slow) are crossing in the overbought area at the time of writing this post. Check it out:
Will Bitcoin reach $500?
By lurking on the Bitcointalk forums it has become apparent that a lot of people are expecting it to reach at least $500 by the time block halving happens, but after that the opinions about the future of Bitcoin get mixed.
On one hand there are people who believe it will continue to rise and eventually reach a new all time high and on the other hand there are speculators who say that Bitcoin will not survive after the halving has occurred.
Now, I don’t believe that Bitcoin will simply die just like that, but hoping for a Bitcoin that’s worth thousands of dollars is a little unrealistic even after the halving because halving doesn’t actually decrease the overall supply, but merely slows it down.
In reality nobody knows for sure, but I personally believe that it’s worth betting on a new all time high price instead of being overly pessimistic about it. Okay sure, there are a few competitors on the horizon like Etherum, but at the end of the day Bitcoin will be worth exactly how much other people are willing to pay for it and since the hype is still strong and we’ve only recently gotten our feet wet in the mainstream trading world, I don’t see why we can’t rise higher.
This post was written by ynef