If BTC falls to $7-8K it will bottom out completely and crash cease to exist. At that point it won't stop on the way down if it heads that low.
Why? What makes you think it will bottom out and cease to exist? This exact scenario (and even worse) has happened many times before. What makes this any different than the prior times?
It's had worse crashes in the past and fully recovered to even greater heights. Real quick from an article online:
June 2011:
-99%In 2011, Bitcoin hit the big time when it soared from $2 to more than $32, achieving parity with an ounce of silver. Then the bottom fell out. On June 19, Mt. Gox — the largest Bitcoin exchange in the world by far — admitted that criminals had hacked hundreds of accounts and stole millions of dollars worth of Bitcoins.
In a single day, the value of a Bitcoin fell to one penny.
April 2013:
-83%In April 2013, Bitcoin became a victim of its own success as investors piled on to the exciting new opportunity that was buzzing in the mainstream media. Trading was so intense that Mt. Gox couldn’t handle the volume, and when it crashed, hackers attacked the vulnerability. It forced Mt. Gox into an unprecedented total shutdown,
sending prices from nearly $260 to $50.December 2017-December 2018:
-84%2017 was a landmark year for Bitcoin, which broke all its own records and
peaked near $20,000. Then, on Dec. 27, it all came crashing down as investors harvested gains from what was an obvious bubble and
sent the price cratering below $12,000. The cryptocurrency would remain in the doldrums throughout 2018, as major hacks in Korea and Japan — as well as rumors that those countries were planning to ban Bitcoin — sent already skittish investors looking for the exits.
The way I see it, this is the inherent volatility that comes with investing in an asset such as Bitcoin. It's incredibly risky (I still only recommend allocating no more than 10% of your total investment portfolio into cryptos), but also brings the best rewards to those that can weather the storms.
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