Is Bitcoin overbought?
During mid-July, there was a time when Bitcoin dropped to as low as $1900 when there was a risk of a potential chain split. Shortly after, the price went back up again. When Bitcoin Cash was announced, there was little impact on the price of Bitcoin and shortly after, the price also went up. Bitcoin cash was valued at around $200-$500 before the chain split happened. For every Bitcoin you have during the chain split you also get a Bitcoin Cash. This means there is an opportunity to make a free $200-$500 for every Bitcoins you hold during the chain split. Since the chain split, Bitcoin’s price has been decreasing. Do you think people bought Bitcoin just to get some Bitcoin Cash during the chain split? Do you think Bitcoin is overbought?
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BTC is king the more people that buy it, the higher the price will go. BCH will be a good alt coin to trade once it reaches it's lowest level.
Yes I do think it is overbought now. Everyone rushed to buy bitcoin in the hopes of getting a free lunch. There is no free lunch and I don't think it will turn out like they thought in the end.
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Interesting article. I was about to post a similair post. Though prices might seam inflated for now I don't think they will look like this 2, 3 years from now. An interesting website I found: https://www.coincheckup.com The site is my go to place for crypto investment analaysis and indepth coin research. Check for example: https://www.coincheckup.com/coins/Bitcoin#analysis To watch Bitcoin Indepth analysis.