The entire market is based on speculation right now, as well as being small enough for a few big players to significantly move the needle. This is a combination that means that one or two people can cause a drop, which causes a mass sell off (the inverse can happen too). Of course, this is a “just so” story… the reality is more complicated.
Point being, you won’t be able to predict bitcoin prices until bitcoin as a payment network and store of value overcomes bitcoin as speculation.
The entire market is based on speculation right now, as well as being small enough for a few big players to significantly move the needle. This is a combination that means that one or two people can cause a drop, which causes a mass sell off (the inverse can happen too). Of course, this is a “just so” story… the reality is more complicated.
Point being, you won’t be able to predict bitcoin prices until bitcoin as a payment network and store of value overcomes bitcoin as speculation.