Co-founder of Quora and Internal Consultant, Jeremy Arnold has said that it is literally impossible to predict future price of the BTC because manipulated market and blind trading. In fact he also stated that in upcoming days it might keep plummeting further and to understand this, we have to be clear about certain things as there is nothing that can tell about Bitcoin price estimate and as such it is impossible depending on the current structure.
In last December 2017, BTC Price reached to its all time high around $20000 and so many investors were in positive attitude and looking to reach even more in upcoming days. However highly volatile market and inherent issues made its price to plummet down to the lowest about $9000 or below. So investors are now thinking that the price of bitcoin will still go down in future?
To explain this let’s see few things:
Trading as such is not so useful sign of anything because the volume of trading is covered by block-size which keeps us caught temporarily and also makes the price very weak for betting.
Most of the exchanges and trading stages are lacking skill or you can say lack sound judgment and most of them have undesirable result to forward trading that tilts the prices more intensely. And to explain short of mass activity or outside regulation, market manipulation is rather an uncontrolled way and also basically not possible.
Bitcoin was never planned to be a store of value. That doesn’t say that Bitcoin can’t be one, but it means that there are separate classes of investors, having varied aims. Miners and HODLers want it high, and the currency crowd wants it low and as a result these forces will pull at each other in an irregular manner.
Major theories regarding the current price-drop don’t give thorough explanation. For example, the information of FUD over China and South Korea was going to ban local access to global exchanges has been clear for some time and should have been priced in and the fact that some stocks are closing the coming week is quite irrelevant, given the tiny amounts in question.
One of the most important thing is that amateur traders from around the globe who don’t know actual value of Bitcoin came into business and just pushed up price far above from where it should have been at present.
He said: “We have to be real about the limitations of knowledge here. Sure, it’s a fun thing to banter about, or to bet on with our spare cash. “And, sure, we can make some logical predictions about how governments may act or how state-sponsored competitors may muddy the waters. What we can’t do is know for sure what will happen to prices in general. “If someone says otherwise, they’re either trying to make a name for themselves or trying to take your money. Beware of both.”
