Looks like we're about to see big movements one way or another in 24-48 hours. A flash crash to $7500 is not out of the question, perhaps the spike up really just was news related FOMO. Could be far too early for another crazy bull run so soon to the summer boom.
However, we should all know my stance by now. The alt-market has been suffering this entire time. Many projects appear completely bottomed out. Steem is one of them.
It's easy to think that Bitcoin controls the alt-market, but the alt-market also controls Bitcoin to some extent. To which extent, we will never know. This is a chicken-and-the-egg scenario.
In my opinion, Bitcoin is a more predictable asset than any other asset on the planet. It is only gaining volatility in the face of manipulation by the establishment. Allowing Bitcoin to stabilize would cause a mass exodus from the legacy economy; which in itself, would ironically destabilize Bitcoin. We have to ask ourselves if these movements and manipulations were part of the plan all along, no matter what actions and tactics powerful individuals decided to employ.
The reason why Bitcoin is predictable is that it is the hardest asset on the planet to manipulate. What's gonna happen when these spaceship engines get turned on? They already are on; exponential network effect.
What in the world are they going to do if they can't stop a decentralized asset from increasing in value exponentially?
If Bitcoin never falls under these doubling targets,
everyone must adopt it by default.
The decentralized economy can't be regulated by centralized forces. How many Silk Roads have their been so far? How many Bitcoin-backed free markets exist that we don't even know about?
They may have their futures, forwards, swaps, and options, but none of that works on an asset that continues to double in value every year. The mind boggles at such a prospect.