Over the past few weeks, Bitcoin price had risen as high as in the 470s, but it dropped over the past couple of days back to the 350s.
So for three weeks or so, people are seeing hope for BTC to rise for Christmas celebrations, perhaps not. Within a couple of days, what ever was gained in the last three to four weeks dropped back down to $350s or lower. What happened? well – The truth is no body know, don’t believe anything anyone said, even if it makes sense. Bitcoin BTC trading volume although high, but not high enough to be predicted accurately like Stock Market.
At this point, BTC only is about 4 years or so, and it rise from 1 pennies to even $100 is pretty good, then it went to $1000, but then dropped down to 300s. Indeed very volatile. The sad thing about this is that many individual miner for Bitcoin dropped out of the network because mining for individual no longer profitable, and it could be a loss. Even for commercial bitcoin miner having trouble making profit due to high overhead, they need to pay for rent, and electric bill.
The truth about bitcoin at the moment, is similar to gambling. You buy at certain price and hope it will rise higher the next day so you can sell, however sometime it doesn’t and in fact it went down, and you can’t sell low. In the end you keep in there long term, then one day it went up but you didn’t sell it because thinking it will go up higher and chances you will never be able to buy it again a lower price. Then it dropped again, and you stress out because you could have sold it and buy it again at this low price. Reality we didn’t do any of that, so as a result this resemble gambling. You make a bet, and hope you win, 50/50 chances. The on difference is in Bitcoin you don’t have to sell or cash out, the Bitcoin coins are still there.
The answer for this Christmas 2014, will Bitcoin price go up or down. My answer is, it will not go up to $1000 again. Maybe as high as $500 or as low as $300.