The bottoming begins. And this could get real interesting...
I believe a fresh low is upon us. I believe this not because I'm omniscient, but because I've studied Bitcoin's historical price movements and this current correction is nothing new. Just like it has done in the past, Bitcoin rose exponentially, topped out, and proceeded to correct. Rinse, recycle, repeat.
Historically, after Bitcoin and other cryptocurrencies have risen exponentially, they correct by at least 80% from their high. After 2013's exponential rise to around $1,000, Bitcoin bottomed out around $200 after a year of trending downwards.
This time around, Bitcoin topped out at $20,000 and has trended downwards ever since. Following its usual course, a bottom of somewhere around $4,000 - $5,000 would be expected. Since the industry has grown since 2013, I predicted this correction wouldn't take as long, and that it would happen somewhere near the end of 2018 - and I think we're on the verge of that happening... Within the next week or so, I won't be surprised if Bitcoin breaks through that key $6,000 price-point to finally reach its actual bottom.
And when it reaches the bottom, it could get very interesting as Bitcoin may never reach its elevated heights of 2017 again. This is because Bitcoin is much more vulnerable now than it has been in the past. It now has legitimate competition in the space, and those in control of Bitcoin no longer treat it as the cash-based payment system it was designed to be. Those in control have circumvented the basic economic structure that underlies Bitcoin and are relying on a technology that is a work-in-progress and adds another layer of complexity to the system. They've chosen to gamble on Satoshi's design, and I don't think it's a gamble they will win.
Not when Satoshi's original design is alive and well, ready to take on the world's transactions with trivial fees and a stable protocol that continues to be easier and easier to build and innovate from. Without the the bull market trend and altcoins propping it up, Bitcoin will have to stand on its own against a more nimble competitor that is much more efficient at what it is designed to be. Money. Those in control of Bitcoin have forgotten this, but there are those that have not, and they continue to bring Satoshi's invention to the world as it was meant to be. As an easy-to-use, debasement-protected global form of programmable money that preserves your privacy, costs little to use, and is useful as a payment system for EVERYBODY across the globe. Bitcoin Cash.
Needless to say, this bottoming period could get real interesting, real fast. I suppose time will tell... Thanks for reading.