Bubble Burst?

I saw some comments on twitter indicating that Bitcoin had entered a "bear market". I don't think a 1 day pull back is a bear market, so I made this drawing to demonstrate my thoughts on the matter. I originally posted it on my Torum account. I've copied it here below:

Price of Bitcoin

Nobody has a crystal ball that will tell them exactly what the price of bitcoin will be. Anyone who says they know, is lying. That said, we can all make our own predictions based on our own indicators. There are trading indicators and other analysis that folks perform all day, every day, in order to predict the price of Bitcoin.

I personally think about it this way. There will be only 20 million Bitcoins ever created. There are like 40 million people in the world who would be considered high net worth individuals. I think that means owning more than $1 million in assets, not considering liquid assets. If there are 40 million of these high net worth people, many of these people would be interested in hedging the value of their liquid investments by owning some bitcoin.

There will only be enough bitcoin for all of these people to won 1/2 of a bitcoin. Think about that! This generally suggests to me that the value of Bitcoin will eventually reach $1 million. Maybe not for several years, but just that general idea makes sense to me.

Hope you are all having a wonderful day!

If you are interested in hanging out with a bunch of crypto enthusiasts on a platform similar to a hybrid between Twitter and Facebook, take a look at Torum. I've been really impressed with the development team and the community outreach.

If you want to join, please consider using my referral link, as we both earn XTM tokens for doing so: https://www.torum.com/signup?referral_code=flarnrules