Bitcoin (BTCUSD)

[Mokyo Toe]

Hate to say it, but a 25% haircut from here seems inevitable. Support at 6300 fell in swift order. Next support, a weak one, is around 4500, give or take. Barring miraculous news, there is nothing to stop further price erosion.

I'm far from convinced it is going to 0. BTC does have utility, such as it is, and that utility has value. I doubt that value is anywhere near 6300, 4500, or even 3000, but predicting price is a fool's errand.

I've only thrown chump change at it, 20 here, 40 there, and I will probably keep doing that at intervals on the way down until it finally reaches its true value, which might turn out to be three digits or -gasp- even two. I would caution against making any big bets on bottoms because there is a huge distance from here to the ground, but the believers will do what they want.