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RE: BITCOIN (BTC) Topping Range: $7,000 to $9,000
I don't know. Elliott Waves states that an event or news shall arrive to justify the forecast and never the reverse.
Maybe government regulation of the centralized exchanges?
I know what comes up must come down, but $500 just seems a bit extreme. Well, if it does, the world will quickly buy that up on or off exchanges.
Actually, if that level of price happens, Bitcoin will be hated and detested and called the bubble of all bubbles that popped. So, buying will only be done by the courageous.....the ones who know how to be greedy when others are afraid. And these same braves probably sold at current levels or near $7k because they learned to become afraid when all others are greedy.
Good points, especially those buying on dips or at times of fear. However, I think it's also just as brave to have a game plan to buy and hold for X years without straying from that path or being highly concerned with price movements. While perfectly normal, trading tops and bottoms can also be seen as having an element of similar greed to it that can equate more to real balls and risk taking.
Yes, HODL works.