This sounds like when the dotcom bubble burst, and the so-called experts were saying "No, this is a GOOD thing! All your favorite stocks are on sale!"
The thing that propelled BTC from 200 to 1200 was the news that BTC was gaining popularity in China. If this news turns negative, then what is keeping the price high?
Then again, given BTC has been so strongly bought up, if it gets bought up here, then it just means it will keep skyrocketing, since buyer sentiment hasn't changed one bit.
Merill Lynch just said buy Bitcoin, setting a target of 1300 (I hate the way Wall Street pulls these numbers out of thin air, but they are on the sell-side).
This is the same Merill Lynch who collapsed their own company with dodgy investments and had to be passed off to Bank of America, another company laden full of dodgy assets and dodgy accounting.
I worked in Treasury for a Fortune 500 with operations in 80 countries, responsible for FX hedging, and I can say that ALL banks are absolutely terrible currency forecasters. I can't blame them for being inaccurate, since there are so many variables that can impact an exchange rate between currencies, but it's important to note that forecasted currency rates have no merit.
The thing that propelled BTC from 200 to 1200 was the news that BTC was gaining popularity in China. If this news turns negative, then what is keeping the price high?
Then again, given BTC has been so strongly bought up, if it gets bought up here, then it just means it will keep skyrocketing, since buyer sentiment hasn't changed one bit.