My thoughts on BTC are. Well, it’s complicated. Places are banning the mining of it which is brilliant in a sense means less will be mined and people will start buying it instead of trying to mine it witch in turns puts volume into the market.
The problem is BTC is too high for people to buy into it. Everyone is looking for that lowest price as they want to catch the bottom. I honestly do suggest a bottom on BTC is very soon. Bitcoin isn’t recovering from anything. What happened was what happens to everything new. Look at the .com bubble. It blows right away from the “mean/normal” trading price and rockets and then slowly drops till a bottom is found. Normally a bottom is there when there is more buying volume than there can be selling. Hence the term support.
The BTC mean price for me is between 876.9 to 4892.9. I could see us playing down towards that area for the rest of the month and could see the beginning of mid-April when we start to see the said “recovery”. Remember people have to buy BTC for it to go up. And the main people buy it to either hide money from the tax man or to buy things or to even send to start trading into other coins.
From an investor trading perspective, I’d like to see BTC in that Mean price area and could see it back up around 19/18k USD by the end of the year for a breakout past the 20k USD mark at the near end or beginning of next year.
All that is need is one good bit of news and it will spark a buying spree for BTC. People are too scared to buy it at its current state.
As you can see from this chart. When something breaks out of the “mean” price as fast as this does an unsteady downtrend is expected back into the mean price or just above it using the top of the mean price as support.