Quote:
Originally Posted by EliteWebmaster
I sold all of my bitcoin investments. Its a lost cause to invest in bitcoin. Its behavior leading up to christmas insane spike and subsequent fall just reinforces suspicions about the validity of the currency.
A smart investor can see that it intentionally manipulated the market to drive up its value to insanely unsustainable high leading up to christmas so people would jump in on the climb up, and those who manipulated it, cashed out around the 23rd Dec for their own "lottery winnings" which then lead to its sharp decline. It has hasn't recovered since. Because of that obvious point alone, it became very clear that Bitcoin cannot be trusted. Its a scheme, elaborate, but at the end of the day, it is what it is...a scheme. That's why a lot of countries are cracking down on Bitcoin recently since last christmas.
Because I invested earlier on, I still made a very nice profit on my initial investment when I cashed out last month. Safe to say, I will not be investing in Bitcoin in the future, given it has shown its true colors. There are far better options out there than Bitcoin to invest in that doesn't have the unscrupulous track record of bitcoin.
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Yes but how long does it take for the Stock Market (or an individual stock) to recover after a 50% crash? Even the Internet itself recovered after the dot com bubble of the late '90's. So compared to Wall Street shenanigans I would say Bitcoin is relatively clean. LOL
20k by the end of the year is doable since it's only April and eight months to go. But that would mean more than doubling its' current evaluation. If that happens WHOOSH all of a sudden (again) then that would be surprising. Instead I suspect a slow creeping up over time then a natural mini-whoosh around the Holidays.