I think bitcoiners are guilty of hubris as well. Let's not act like bitcoin is not ruled by supply and demand and somehow the rules of the game don't apply to it just like every other trading instrument. I remain cautiously optimistic.
^ That there chart shows who's driving the market here. Understand that chart and you'll see why crypto has a lot higher to go.
My personal "target" is 40-50k per coin. Simple logic - bitcoin is the currency of crime. Crime economy is estimated as roughly 10% of GDP globally. So that's about 7 trillion a year in nominal dollars. Let's say btc takes over a modest 15% of that, so one trillion economy that's all cash driven. Divide that by 21 million and you get 40-50k per coin in today's dollars.
down to 2200 from a high of 2700, let's see how bad this gets. You sir called it, but I've seen some insane rebounds in the past
Russia’s Central Bank Drafting Proposal to Classify Bitcoins as Digital Goods https://news.bitcoin.com/russia-central-bank-proposal-bitcoins-digital-goods/
Japan, South Korea drive global bitcoin prices as retail investor pile in http://mobile.reuters.com/article/idUSKBN18M0ZX