However, during the last months, Bitcoin transactions became very slow and all of a sudden, high transaction fees have to be paid. It is obvious that the Bitcoin network cannot handle anymore the high workload. It is even questionable whether Bitcoin can hold as the number one coin if it fails just in these important characteristics.
Additionally, 78% of the computer power of the Bitcoin network is located in China. China wants to ban Bitcoin mining and verifying because of the high consumption of electric energy. Depending on the speed of realizing that plan of banning mining, this can temporarily lead to an additional bottleneck in the Bitcoin network.
It is foreseeable that more and more people will elude Bitcoin and turn towards other coins. Once the number of people using Bitcoin will erode, the price of the Bitcoin will collapse. There are enough alternative coins available with transaction speed increasing the more people make use of them. Just to name such coins Ripple, Dash, Tech coin (coming soon) and Futurocoin (coming soon).
Cryptocurrencies have a bright future. However, it is very unclear if Bitcoin is one of them. There are enough key reasons for another drop in the price of the Bitcoin . Up or down? The decision will be made in these days.
The big picture are two triangles. The major, dark triangle lets us expect an outbreak to the upside at point 5. However, there is also a minor, light-grey triangle and the price of the Bitcoin did just outbreak on its downside at point v. It will test the downside of the major triangle again. Any price below the red line at 12787 will turn the overall scenario into . Should the scenario be confirmed, the price might drop as far as 5568.