Either those people are trolls, or they fail to realize that bitcoin growth spurts are NON-LINEAR !
Meaning that after each havling, a hyper-exponential growth sets in, leading to a succession of insane rallies.
People then search for reasons, conspiracy theories come up daily in bitcoin land, whereas the reason why bitcoin
is seeing such huge price increases is so simple: IT IS STILL THE HALVING EFFECT !
Growing worldwide demand + half the supply of before July 2016 => Price explosion
And this comes hyper-exponentially.
So I am not really surprised by these figures, and I think it will top around 20K in february 2018.
Sure I am also guessing. We won´t get a 118-fold increase like in 2013, bitcoin had a much lower marketcap back then.
So conservatively speakling, I took "only" a 37-fold increase, about 1/3 of the 2013 increase.
The tops are getting further and further apart, from 500 to 780 is not even a factor of 2, same from 780 to 1320.
But then from 1320 to 3000, about 2,5 fold! This means that the tops are getting further apart, meaning that the next top
will certainly not be "only" 5K.
How this will play out, nobody knows, but one thing is certain: Bitcoin will again surprise many people :)
After this correction, I would say that the bullish picture is intact. It briefly touched the MA20 at 2980, but did not go lower, which is bullish IMHO.
That is the picture I see at the moment:
I am trying though. Currently I am more bearish inclined, however, if BTC does not go below 6k soon, I will become bullish again and my above chart might hold true after all.
It does not make sense longterm for BTC trendlines to just continue up forever, there must be a saturation point, that's why I moved away from the linear lines. That however would of course mean, that the real support is lower than in the linear case, where it is at around 6k. In the case of bent trend lines, we would be at around 3k. That's how I came to the more bearish prediction. That and the monthly Stoch RSI picture, which seemingly likes to fluctuate in 2 year intervals.
However, if we do not break below 6k within the next 2 months, I will invalidate the bearmarket scenario, and the beginning of a new bullmarket could be indeed nearer than I thought.