Bitcoin is imploding — here’s where bitcoin bulls and bears see it headed from here

[Independent voter]

Was at $20,000 at one point.

Is at $4,440 right now.






https://www.marketwatch.com/story/bi...ere-2018-11-20

Following a blistering 80% decline from its peak this year, the brutal drop in the price of bitcoin BTCUSD, +2.00% has market participants wondering what’s next for the No.1 digital currency.

A fresh bull run from here? Or look out below!

Given the a more than 20% drop over the past 36 hours, it might be the latter.

However, both camps are making their cases for the digital asset’s next move:

Read: Why bitcoin prices are staging a fresh collapse

The bitcoin cheerleaders
Tom Lee

One of the more prominent bitcoin bulls is Tom Lee, managing partner at Fundstrat Global Advisors. Lee, who held a year-end price target of $25,000 for bitcoin for the best part of the year, reduced it to $15,000 on Nov. 16.

In a research note, Lee said the depth of the decline has gone beyond market fundamentals. “While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications,” he said.

Speaking on CNBC Tuesday, Lee admitted the recent decline “has definitely been a negative development.”


CNBC
✔
@CNBC
Bitcoin bull Tom Lee stands by his reduced year-end $15,000 target, despite prices falling to their lowest levels in more than a year. https://cnb.cx/2QZL3x5

33
8:16 AM - Nov 20, 2018
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Bitcoin bull Tom Lee stands by his reduced year-end $15,000 target despite nosediving prices
Fundstrat's Tom Lee told CNBC he remains bullish on bitcoin and bets on a recovery soon despite prices falling to more than one-year lows.

cnbc.com
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Nigel Green

Another ultra bull is Nigel Green, founder and chief executive of U.K. consulting firm deVere group, said the two-day decline is a bargain investors don’t want to miss. “Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions,” he said.

Green said the selloff has fueled unnecessary criticism on the nascent technology. “Crypto cynics are using this current wave of volatility to knock digital currencies. Whether it is bitcoin, or any of the current generation of coins, or not, cryptocurrencies are here to stay,” he continued.

Anthony Pompliano

Another bitcoin bull, who believes the best trade at the moment is “long bitcoin, short bankers,” is Anthony Pompliano, the founder of Morgan Creek Digital.

In late August, Pompliano was a little more pragmatic, saying “we are likely to see bitcoin near $3,000 before we see Bitcoin at $10,000 again.”

Today, with bitcoin reeling anew, Pompliano admitted he was fielding an unusually high number of calls, but sought to ease their nerves by heading his morning research note with “Everyone breathe. The world is not ending.”

Read: Going bearish on humans may be the ‘trade of our generation,’ says Morgan Creek Digital founder

The bitcoin bashers
Nouriel Roubini

There’s no greater bitcoin critic than Nouriel Roubini, professor of economics at New York University.

Roubini has labeled bitcoin a scam, a bubble and everything in between. With the price of bitcoin spiraling lower, Roubini has picked up his Twitter game.

The Turkish-born economist has been taking numerous shots at so-called HODLers—those who hold their bitcoin through thick and thin—and on Twitter this morning the professor asked if they were still “buying the dip.”


Nouriel Roubini
✔
@nouriel
Bitcoin Down 25% in less than a week. Almost 80% from peak. ETH down 90% from peak. And all other shitcoins down much more, 95% or more or dead. So for how long HODLing zealots will keep on "buying the dip" so their losses become 99.9% compounded? Serious question...

327
3:34 PM - Nov 19, 2018
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Read: Dr. Doom says bitcoin represents the ‘mother of all bubbles’

‘You’re buying a lottery ticket and if it [bitcoin] proves to become a global standard on the level of a credit card or a currency then it will pay off’
—Kenneth Rogoff
Kenneth Rogoff

Kenneth Rogoff, the former chief economist at the International Monetary Fund and now Harvard professor who in March told CNBC that bitcoin “will be worth a tiny fraction of what it is now,” adding that $100 is a lot more likely that $100,000 hasn’t changed his tune.

Speaking to MarketWatch, Rogoff said he remains very bearish on bitcoin, citing a lack of tolerance from regulators in dealing with anonymity as a hurdle too steep to climb for the nascent asset. The Harvard economist said transaction costs and a lack of comparative speed put it well behind traditional payment systems.

Rogoff said like most asset classes, a bitcoin surge is a nonzero probability. “You’re buying a lottery ticket and if it [bitcoin] proves to become a global standard on the level of a credit card or a currency then it will pay off,” he said.

[McFuu]

The final Rogoff quote sums up bitcoin nicely.

[Daedius]

Hello Pyramid Scheme!

The late comers are absolute suckers.

[Themius]

Hello Pyramid Scheme!

The late comers are absolute suckers.

There’s nothing about this that is a pyramid it is stupid to say so because it literally cannot function as a pyramid given the very nature of it. It’s nothing but a stupid buzz word. Penny speculative stock is accurate. This pyramid shit isn’t.

[Coombs]

And now NVIDIA stock is tanking too. Oh sweet video cards are about to be everywhere and cheap. Good. Fuck crypto schmucks.

However this dip does bring on some interesting ideas. TV Show Spoilers. How will Silicon Valley go forward with their next season? At the end of last season they are out of the water only because of cryptocurrency. Now that industry has tanked and the writers have to pivot. I wonder how much has to be rewritten because of this.

[Puupi]

I really hope all those cryptocurrency gospeling worshippers lost all their money.

[XDurionX]

Every blockchain will become too big to be useful eventually. You have to be an idiot not to see this. I just hope they will stop wasting so much natural ressources on imaginary values.

[PixelFox]

Bitcoin has basically zero inherent fundamental value except when there's a transaction in-flight where it has a small transient value based on the parties to the transaction not having a better alternative currency. Once the transaction is complete, the value returns to zero.

Expect the value of most/all cryptocurrencies to collapse close to zero. This will be a stair-step process over time as there are plenty of suckers ready to buy in when the previous tier of suckers bails out.

But at this point there's zero reason to expect that the value of any of them will go UP again.

[Cracked]

There’s nothing about this that is a pyramid it is stupid to say so because it literally cannot function as a pyramid given the very nature of it. It’s nothing but a stupid buzz word. Penny speculative stock is accurate. This pyramid shit isn’t.

It is. Because it's not inflatory, the more people you get to buy after you, the richer you become. Hence, pyramid.

[luc54]

Cryptocurrency is such waste of resources I mean look at these numbers. I hope people wise up and stop this nonsense as it's basically wasting electricity to heat up the mining rigs. The computing power could be used for much useful calculation than greedy peoples speculation market. It's most definetely not helping in battling climate change either.

[Cracked]

Cryptocurrency is such waste of resources I mean look at these numbers. I hope people wise up and stop this nonsense as it's basically wasting electricity to heat up the mining rigs.

Technically correct.

The computing power could be used for much useful calculation than greedy peoples speculation market.

Technically incorrect.

[Themius]

It is. Because it's not inflatory, the more people you get to buy after you, the richer you become. Hence, pyramid.

That's not how it works literally not how it works.

This is a stupid reduction. Going by this all stocks are pyramids. It's a speculative asset not a "pyramid scheme" please tell me who is at the top of this pyramid with recruiters bringing in more money for them? Nothing about this functions as a pyramid scheme but people who don't like crypto like to call it a pyramid because of the negative connotations.

In all pyramid schemes at all levels you have people who say "I need to recruit people so I make more money" this is literally not how it works in bitcoin. People instead buy it and then hold onto it with the hope it'll go up in the future as adoption happens.

[Bigbazz]

If you look at it honestly it has just gone back down to pre-boom value, it will probably go down more for a while before it stabalises and goes back up more naturally again. I'm glad I watched and waited instead of diving in, though those who trade are still making money by trading it in and out at the right time. A buddy of mine traded between Tether and VEN for a while and made a lot of gains..

The ones who got fucked are those who put money into it earlier in the year and let it sit.

Bitcoin has basically zero inherent fundamental value except when there's a transaction in-flight where it has a small transient value based on the parties to the transaction not having a better alternative currency. Once the transaction is complete, the value returns to zero.

Expect the value of most/all cryptocurrencies to collapse close to zero. This will be a stair-step process over time as there are plenty of suckers ready to buy in when the previous tier of suckers bails out.

But at this point there's zero reason to expect that the value of any of them will go UP again.

Of course they will go up again, plenty of influential billionaires have their hands in the pot and a lot of companies behind the technologies... Billionaires don't like losing money, Bitcoin is here to stay for the same reasons it has been used since its inception (before the mainstream boom). We won't see ridiculous spike in value like in 2017-2018 again, but it will continue on its prior trend most likely.

[Puupi]

That's not how it works literally not how it works.

This is a stupid reduction. Going by this all stocks are pyramids. It's a speculative asset not a "pyramid scheme" please tell me who is at the top of this pyramid with recruiters bringing in more money for them? Nothing about this functions as a pyramid scheme but people who don't like crypto like to call it a pyramid because of the negative connotations.

In all pyramid schemes at all levels you have people who say "I need to recruit people so I make more money" this is literally not how it works in bitcoin. People instead buy it and then hold onto it with the hope it'll go up in the future as adoption happens.

Anyone who owns cryptocurrency is "at the top of this pyramid", because they own nothing. It's not even fucking air.

[Rossuk]

And now NVIDIA stock is tanking too. Oh sweet video cards are about to be everywhere and cheap. Good. Fuck crypto schmucks.

However this dip does bring on some interesting ideas. TV Show Spoilers. How will Silicon Valley go forward with their next season? At the end of last season they are out of the water only because of cryptocurrency. Now that industry has tanked and the writers have to pivot. I wonder how much has to be rewritten because of this.

Without going into too much detail, its been delayed until 2020 - hopefully that will be enough time!

[slime]

Still nasty profit for those that bought in under $100 a coin. I mean it's less of a lottery ticket at this point, that's what I would've called it at the start. Now it is more of stock you need to follow that wave buy low and sell high. People that unloaded at 20k have no problem with this.

[Video Games]

I made 700 bucks. Im okkkkk

[ldev]

aren't you a bit too late with your post?..

[Sykol]

Now's the time to invest! Gogogogogogo! It's not even worth mining at this point, so get on it!

[araine]

It will always have a place for criminals to be able to do business without being able to track them and the spending they do. the very low amount of regulations and scrutiny into the system will always attract certain users.