Stuck in the Death Cross
Currently stuck in the death cross, BTCUSD will likely to keep dropping near the 4500-6500 range. The last time this happened was on 9/4/2014 and ended on 10/27/2015, nearly 11 months. From the price action, this could take 2 years or less, depending on volume, which there is no fresh fiat into the market cap. Major reasons:
1. Banning the use of credit cards to purchase BTC, LTC and ETH. This dragged on the overall crypto economy as seen implemented on 2/4/2018
2. Shutdown on ICO and most exchanges in China on 2/5/2018
Without fresh fiat, BTC is drying out and withering. Bullish pricing could incite new buyers but will take a few more months before uptake occurs. By that time, there will be altcoins/projects launched and potentially waiting for the token economy to begin.
1. Banning the use of credit cards to purchase BTC, LTC and ETH. This dragged on the overall crypto economy as seen implemented on 2/4/2018
2. Shutdown on ICO and most exchanges in China on 2/5/2018
Without fresh fiat, BTC is drying out and withering. Bullish pricing could incite new buyers but will take a few more months before uptake occurs. By that time, there will be altcoins/projects launched and potentially waiting for the token economy to begin.
כתב ויתור
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