Bitcoin Forum

Bitcoin price finally breached the much anticipated $2,000 line, sending excitement throughout the burgeoning global cryptocurrency community. As early as five a.m. GMT+2 on Saturday, CoinMarketCap listed the pacesetter of digital currency for $2014 with almost $34 mln Market Cap.

The $2,000 lane has been expected for some time now but it intensified three days ago when Satoshi Nakamoto's brainchild stabilized at the $1,800 range.

On Friday it made it to the $1,900s further increasing the $2,000 price obsession.

https://cointelegraph.com/news/bitcoin-price-at-1934-all-time-high-led-by-us-to-reach-2000-soon

$34 Mn?? You are off by a factor of 1000.  :)
This rally doesn't look like it is going to stop soon. Within 3 hours of crossing $2K, the price is at $2073.
We might cross $2100 soon.

GDAX topped $2102 not that long ago, while Bitfinex slightly topped $2099 as peak. Interesting will be how long we can maintain the $2000 level. I am still waiting for that correction to happen, but currently it looks like no one is really willing to contribute towards that correction. People are firmly holding their coins, which is something I haven't seen before in my time in Bitcoin (bought my first coin around $20 back in early 2013). In that regard, we can't really apply that what happened back in the days, to how things are right now.

I expected the price to hover just under $2000 for a while considering how many people looked like they were going to sell at 2k.

All that's important is that the Bitstamp price remains over 2000.  Currently it still looks like it's wavering and it's not quite safely over that mental barrier.

IMO it'll stay around here for a week or so before it starts going higher.  It won't dip though.

Many skeptics say that after reaching the barrier in 2000 dollars, the price will begin to fall. This is due to the fact that many are willing to sell at a price of $ 2,000. I also have doubts that the price will go up

it does begin to fall-there was a short 2080$ mark
then we visited 2020$ and even 1990$ at BTC-E for some brief period of time
I don't like this 50$ a day growth to be honest,ofc as a holder I'm happy but I fear we may fall down as fast as we grew
there was no obvious signal as to why the price should have grown this much
I prefer a slow but steady growth any day

$2000 is a psychological barrier, which indeed might be a target people will cash out at, but at this point there is a good level of coin scarcity across all exchanges. As long as that is the case, the price will either hold steady around current levels, or go up further. I have been expecting a correction to happen since the price was like +$300 lower, but it has yet to show up.

I don't know about that.  Current 24 hour trading volume (https://coinmarketcap.com/currencies/bitcoin/#markets) is well over a billion dollars according to coinmarketcap.

Overall due to arbitrage between the Western exchanges, the coins aren't actually that scarce even though the smaller price fluctuations can be triggered by a small amount.

I also thought that there will be a correction price at around $1500. It didn't happened but the price continue to rise and maybe along the way there is a correction but its unnoticeable because the price quickly recovered and push more. Indeed $2000 is a psychological barrier that general investors would sell their bitcoin. But if they will just used their better judgement, it is still better to hold on it and just let it passed. Because the moment you sell it, regret will sets in when you see the price still going strong.

What I meant with the part that you quoted is that even though people are looking to cash out around that level, due to the demand for coins, these sales are being absorbed pretty easily (i.e. the price doesn't get that much affected).


People often regret cashing out profits due to the fact that they sell all at once. If you just cash out small portions, you will have enough coins left to benefit from the price that goes up further. But somehow people still haven't figured that out.

the numbers are sick: 2200$ today,we see growth of 50+$ a day!
I don't know why and I don't know if it is sustainable or not,but I'm pretty happy with that
I would prefer a slower growth but we have what we have here
my hope we don't drop as fast as we are gaining,since there are no obvious reasons for both grwoth and drops :(

Bitcoin doesn't correct, it just refuels...

Perhaps the main reason for the growth is that bitcoin will soon be legalized in Australia? Although I do not think that this fact will bring bitcoin great growth. We will enjoy growth and observe

My Estimated Exponential Value model says $2,500 by June 8th.

It previously said $2,000 by May 24th, but we beat that by a bit.

As long as we conform to the exponential rally pattern that we have in past events, that should hold. I don't think we've reached full "vertical" just yet.

It's impossible to point to just one thing while there are several factors that play an important role. Don't underestimate what effect panic buying can have on the market. People have been waiting for the price to drop when we were hovering around the $1300 level, but the price just kept going up till where we stand right now. In current times waiting for the price to drop means that you will miss out on profits, and people realize that. In that regard, they prefer to buy at current levels rather than to wait for a drop that might not come. It's a gamble that they take.

What happens when we go full vertical?

Exponential rallies are brutal, because they tend to give up 75% or more of their increase when they decline.

I'm just extrapolating on a curve, its pure math. But price can't adhere to it forever. I usually say its "fallen off" when we miss a waypoint by 50 - 100 bucks and then fail to reach another. Then fear does the rest.

For a cryptocurrency, a fall or rise in the price of 100 to 50 dollars is absolutely nothing. These are fluctuations that you should not pay attention to

what kind of a statement is that? how can you ,as a trader, not pay attention to a 50-100$ fluctuation?
you are insane if you disregard 3-4% asset price fluctuation :)
if you just hold and don't plan to sell at all,maybe yes
but even then you have to understand the signals,a 50-100$ drop could be the start of a huge dump and a much bigger dip in price

I agree, once the price started to dump those who bought at the peak mostly dump their holding since they fear to lose too much of their investment.  There is always a domino effect once a certain thing start.  Just what happen this days, bitcoin starts to incline in price then coupled with adoption, people then buy bitcoin as the price increase, people starts to have FOMO and keep on buying more.  So when dump happen price tends to crash.

Traders adapt to increased volatility, so a retrace of that magnitude is totally fitting when you've had a month where you are up over 100%. Its all about gauging how price is conforming to an exponential function. For me, when it gets to near "vertical" is the signal that we're going to have a blowoff top and decline. We aren't there quite yet, but I'm pragmatic about the aftermath.

I think $3000 will be next target or there will be some price correction

You might be pretty close with that prediction... I just checked the exchange price now and we crossed $2600 per Bitcoin. If this trend continue,

we might even see $5000 per bitcoin by the end of June. I think a bunch of traders in the traditional Fiat world are shitting their pants now.

Bitcoin are breaking new records daily now... and it's not stopping for nobody. {physiological barriers are a thing of the past}  ;D

unfortunately,once we broke 2730-2750$ all hell broke loose and we see the fabled "vertical" dive
the price dropped to 2200$ at the moment of this post,i.e. almost -500$ off from the peak
and it keeps dropping despite the efforts
doesn't look like panic sell-volumes are big but not exceptionally big

I do not know who can be frightened by such a price, but it seems to me that this will not be expected for years, as the holidays start and, because of this, demand may drop and the price will drop slightly.

the price is dropping and not in any ways "slightly"
it is under 2000 for Bitfinex and BTC-E and keeps falling
wonder if we break the 1900$ mark today but this dump is big

Yes, we've fallen off of the exponential curve we were on, and before we could really realize a truly "vertical" moment. (But we came close.)

I suppose with many new traders involved, a lot of panic helped to magnify what would've been a 400 - 450 dollar decline into the mammoth 700+ decline we saw.

Now we have to consolidate and figure out the next trajectory...