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With its sixth down month, Bitcoin now in longest downtrend ever...

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Bitcoin has always had its ups and downs, it just comes with the territory.  After all, the first time I read about Bitcoin was in the U.S. Wall Street Journal where it had crashed 93% from 31 USD!!!!!  (Sadly, I was in no position to buy any, damn shame....) So price drops are nothing new.

Sadly, what is new, is that we have now seen a record of monthly drops, six months in a row now Bitcoin has had a lower price at the end of the month than at the start.  It's this kind of grinding downward action that causes a lot of people to become demoralized and embolden the Bitcoin haters.  The haters see this and feel quite vindicated they labeled the project a ponzi and/or scam from the start.

The linked article gives a breakdown of the price declines and compares them to the ones before.  We are in the longest, though not yet the deepest one, Bitcoin is down 82% versus 93% in 2011 or 86% in 2013 - 2015.  So there's that...

The article also tries to build some hope around the block chain reduction that is anticipated in mid 2020, but I'm not sure how much faith I put in that.

Link to article:  https://www.coindesk.com/bitcoins-price-longest-ever-bear-market

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Yes we all know that bitcoin has fallen exponentially this year ..

but what I would like to know is if this decline will really continue as it is said or where its price will recycle as I think ???

Please ?

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The price just has too bottom first before it moves back to the price levels we saw last year. Just like any other tradable asset, when you have a massive pumping of the shares then you will also have a massive dumping of the shares and must fall to the price the pump began. So I'm predicting the once the price goes near $2,700 it will then correct and continue upwards, past previous highs. It will take time however.

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Btc slowly dying :/ .. maybe doge would rise again too take its place xD .. or perhaps eth after the fork.. Im sure other coins would pick up if btc is in consistent downfall.. hopefully it will go back up, i know a few people thats well invested, and i would not wish for them to lose put on so much., time will tell i guess.. :/

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On 2/2/2019 at 3:28 PM, bicoinman said:

Yes we all know that bitcoin has fallen exponentially this year ..

but what I would like to know is if this decline will really continue as it is said or where its price will recycle as I think ???

Please ?

There is no way to know what the price will do in the future, that is literally unknowable.  The question has to be, "Why buy Bitcoin?"  In late 2017 it seems to be a self reinforcing loop, Bitcoin was going up, so people bought it, so it kept going up, until of course it went down.  What will motivate future purchases?  I had hoped it would be financial crisis like in Venezuela but that really hasn't happened.  Sadly, miners usually have to sell their Bitcoin once mined to pay expenses, so the Why buy Bitcoin? story needs help.

The only real chance I see is the block reward reduction in mid 2020, at least should reduce the selling pressure from miners, BUT who know what level BTC will be at by then?

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bitcoin has no price its currency that's based on people believes
if people think it ll jump it ll jump 
if people think it ll go down it ll go down 
people sold lots of btc on its peak so it start going down i dont think it ll start going up soon cuz everyone think it ll keep dropping ( cuz its just dropping from year+)
i think it ll start jumping the moment when it stop fluctuating and stands still for a 1 week or so people then might say :
maybe it ll jump and they ll go in and buy some but i think it ll hit max max 4k in the next couple of months :D maybe in the start of the summer 

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Bitcoin as a pioneering in digital currency usage in this modern era, was compared by many investment enthusiast as gold.

As we all know gold before was experiencing this a lot of downtrends right before blooming. Big price drop correction is just normal for bitcoin also since its has only reasonable small amount of supply. As bitcoin is an important asset as a form of currency therefore I still believe it has still capability to rise up soon. :) 

 

Edited by skillex

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I know this is the longest decline, but I'm still sure bitcoin can rise. because every increase and decrease I think is affected by the news about bitcoin itself, then if good news bitcoin will rise and if the news is bad then he will experience a decline

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3 hours ago, Shaniqua said:

well it sure looks like bitcoin has now had a change of direction hasnt it!?

btc slowly to the moon?!

its direction changes every day, every hour, every minute, sometimes even every second, but I do not know if this change is always due to the interest we bring to bitcoin? perhaps !! but what is the influence of the cybersecurity level on evolution u bitcoin ?? someone to light please

Cheers...!

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