BTC is ultimatelydriven by loss of confidence in Fiat currenc's.
If you look at volume on the daily we're waiting for a spike like on april 12th. And yet it seems to me that each time that BTC gains, many people trade it for alts in volumes enough that it in turn creates downwards volume and trend in BTC.
Looks most likely by now that we'll make a bounce at $9k halfway through june and then a bounce in the lower $7k area somewhere in july... but then its close to summer vacation time so its anyone's guess what happens then. I do think that ultimately a crisis of confidence in fiat currencies, most likely in the Eurozone, is what MAY make people run to BTC as a hedge. A crisis in the Eurozone may be building up with Italy's populist government now forming. If people flock to BTC then the 1:1 fib extension at $25k is coming into play.
BTC has been attacked by traditional financial institutions so if those fail to hold up to their implicit promise, BTC is bound to profit.
Looks most likely by now that we'll make a bounce at $9k halfway through june and then a bounce in the lower $7k area somewhere in july... but then its close to summer vacation time so its anyone's guess what happens then. I do think that ultimately a crisis of confidence in fiat currencies, most likely in the Eurozone, is what MAY make people run to BTC as a hedge. A crisis in the Eurozone may be building up with Italy's populist government now forming. If people flock to BTC then the 1:1 fib extension at $25k is coming into play.
BTC has been attacked by traditional financial institutions so if those fail to hold up to their implicit promise, BTC is bound to profit.