I don’t think the price dynamics looks great for Bitcoin, even if one wishes to think of it as a long-term investment. Since a lot of, perhaps most, people buy

I don’t think the price dynamics looks great for Bitcoin, even if one wishes to think of it as a long-term investment. Since a lot of, perhaps most, people buy it for speculation but the price has gone sideways for a number of reasons. If it stays sideways for a while and then it drops, some speculators will start to panic which might cause further drops. Also, some people who made handsome profits from early speculation have got out, and new money who might have less faith came in. These people are likely more sensitive to bad news. Maintaining the prices or increasing it a bit might be possible but to get it to rise stratospherically like last year is unlikely because of the amount of money required to balance with those who cash out for other coins and other investments. This is unless there is a huge change in regulatory landscape and popular mindset—-that is, Bitcoin becomes widely thought of as a good long-term store of value—which are unlikely. The analysis above is mostly about Bitcoin, although it will likely have side effects on most other cryptocurrencies as well. That is, the upside for a well diversified crypto portfolio is limited now (Feb 2018), almost certainly much less upside in percentage terms than in 2017. Although one could beat the market by picking the right horses, as in other markets. ... and the downside could be quite an abyss.