Bitcoin Forum

http://www.casinomania.com.br/img/bitcoin-price-prediction.jpg

When the price hit an all time high at June 5th 2011 we have seen a rally about every 7 months. If this pattern continues we could reach the old high around march 10. From that level we would probably have a correction (to the $20 level?) If this materializes it would set the stage for a gigantic cup and handle pattern with a price projection of $58.


http://i.creativecommons.org/l/by-sa/3.0/88x31.png (http://creativecommons.org/licenses/by-sa/3.0/)
This chart and analysis is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License (http://creativecommons.org/licenses/by-sa/3.0/). I used Bitcoincharts.com (http://www.bitcoincharts.com).

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I but optimistic IMO, but I wouldn't complain if you were right.

Dare to put money on that (http://bitbet.us/new/)?

Mhm.. Quite bullish, I agree. I made a similar chart while I was in Lalaland.
http://i45.tinypic.com/2uz8ao3.png

No doubt if Bitcoin gains traction, there will be a day where 100 Bitcoins can purchase a modest sized home. :)

Hey! Why not - not too long ago we were happy when it broke though $5.00 p so let's get set for a lot of activity -

+1

I don't think you are right. there has never been a real resistance above 15, the 2011 spike was just an overshoot. Once we've finished the current rally and we are down to a decent resistance, we'll know much more ... but that's completely in the dark right now.

Don't all rallies just burn out eventually.

Yes it is bullish, but that is not an argument as to why this projection couldn't happen. What Phatsphere said about the 2011 spike being an exceptional overshoot that lasted for a very short time I can agree with. Personally I think we do will revisit the previous high especially because BTC is prone to big moves to the upside and downside. Since I believe in the fundamentals of this new technology, and since we are establishing a very good support at $13-$14 I think it'll be to the upside. Considering this 7 month cycle we have seen since 2011 this could happen as soon as March. It then could go ballistic and overshoot but will probably correct.

Also don't forget we just saw a 500,000 USD investment in BitPay and Wordpress speaking up for Bitcoin in a very short time span. This will be something that will be happening more often. And as of today the total market cap of BTC is just $154 million which is next to nothing.

For those who are making references to drug use here, please deliberate further on why you find these ideas so ridiculous or just shut up.

It's just a figure of speech chill out.

What I find alarming though is that you found your way into the /Speculation after such few posts. I have no idea who you are, but if I have to guess proudhon or smoothie.  :P

Good point

it's better to burn out than to fade away, right?

Nope not me. lol

Investments to Bitpay? Hehe...

They will burn with their investments because:
- They participating in BFL fraud
- They accepting unconfirmed Bitcoin transactions. I surprised nobody used this vulnerability so far
- They advertising their customers bypass PCI Compliance . This means forget about security.

This all will end very sadly. Capitaliztion requires security and resposibility. And what do we have here? Hack here, hack there, scam end rumors everywhere...

I do agree with the OP. The pattern is there. Perhaps it might take an extra month to spike (April or May). Anticipation may drive prices to likely skyrocket in February.

April/May would make sense to me since people will be getting their tax refunds around that time (for last minute filers). People take more chances once they receive those lump funds.

Here is my prediction for BTC price:
http://www.btcwallet.org/2012/12/13/2012-2013-bitcoin-price-analysis-end-of-one-year-circle/ (http://www.btcwallet.org/2012/12/13/2012-2013-bitcoin-price-analysis-end-of-one-year-circle/)

The topping signal is correct, but EW count isn't correct in any way. There is a tripple zigzag ending diagonal.

Exactly, but if you can't see it's a good idea to sell BTC at around $30 then you're being significantly delusional.

Bitcoin is set to grow. What is unknown is what banks and gvoernments will do about it.

They will do the same as against bittorrent - not much.

or email vs. postal network

lol.  this is what i love about EW!  or maybe its you.  ;)

I think it's far more likely that the recent $14.3x will be the 2013 high.

Like 7.20  was going to be the 2012 high, right?

LOL +1

I'll take that bet?!

Me too, would be glad to put money on that on http://betsofbitco.in/
You can raise it to 14.5$ for all I care, hell, make it 15$ .

Broken  :D

You seem to be living in the future, price is 14.39

"the recent" would refer to a past price, in this case the recent 14.34999 high I would assume. In that case it has been broken  :)

edit: we just hit 14.4  ;D

right.

Resistance will be at 14.5 from the looks of it.

Good points. For me it's funny seeing "technical" analysis for bitcoins. Like astrology, I think that next year BTC will reach a trillion dollars!

Uh no. My prom date put up more resistance. What a woman. :)