Bitcoin Forum

So today the price rose all the way up to 116 and the day is young.

What happened? Is this another crash in the making?

Will we reach a new low?

Did all the bears go back into hibernation?

Will the bulls have the last laugh?

And most importantly,

What is the deal with airline food?

You can buy that and next week lotto numbers if you send 13 btc to address in my sig.

There's still a lot of hope around here. I think we could go up to mid $120s before reality sets in. Then, expect huge downward pressure.

Hope? We all know this is going down mid-term. I wouldn't call this hope.

"hope" in the bitcoin world is that it drop so we can buy bitcoins for cheap for the last time!

Or do someone really believe that bitcoin is dying?

Not yet. They will soon, though. Just wait, once we break $50, the mood is going to turn dark around here. It'll be an amazing buying opportunity, but most will be too scared to buy any at that time.

Why would it? We've seen Bitcoin rises from its ashes like a phoenix after 2011.  ;D

I don't really know what to expect.

There are 2 bearish and 1 bullish scenario I can tell you about.

The bearish ones either result in a ~90% price depredation from the top like it was in 2011 or a 99%+ one over about 2-3 years. The latter one is the only really bearish one which would imply however that bitcoin is going to be replaced by something else.
The bullish scenario shall work out like last year after the pirate crunch, a few months of stability in the current region before a gradual take off. That would imply however that the "captains of the industry" get their shit together.

If the status quo doesn't change I think we are in for scenario modeled after 2011.

Nah, you are wrong, bitcoin is going to hit $150 in the next week or two. There will still be dips, but it is on its way up.

i looked into my crystal ball and i saw nothing but green candlesticks exploding out from the top of my computer monitor.  :D

I highly doubt it. I'd be surprised if we bust through the old major support at $120 before continuing the drop.

Damnit, what's wrong with me. I'm agreeing with the bearest bear.

It can go either way and has recently. I won't be surprised if it hits $50 or if it hits $150 or even $175.

The problem is that we all expect it to happen.
At any moment the market moves in the opposite direction of where the majority thinks it's going to move.

In Bitcoinia, they always have had. So far!


LOL

I see what you did there.

A bear is a predator that can hunt a bull and eat it for dinner... So of course the bear is going to win.

My money is on the bear. Go Bears Go!

http://4.bp.blogspot.com/_9FV5lDOOt2c/SnntcuHCJ_I/AAAAAAAAAWc/9mJsuvxa54Y/s400/sumo_market.gif

I remember seeing a sumo match where one of the contestant was slim.
"What the... ahahah! He's going to be crushed!"

Well he ran around the big fella and simply pushed him forward,
faster than the big fella could react. That was a quick match indeed.

did he gain all that weight by eating lemmings?

He likes to eat meat. Bull meat.

some of these arguments going around on the boards today are just mind blowing. 

I know, can't believe that some people actually think bitcoin price isn't going down.

What do you mean?

Ah, and thanks for the feedback everybody. I'm currently in a sit and wait position.
It's not looking good for me at the moment, but no guts no glory. I bet on the downtrend.
I bet on negativity and fear triumphing over courage and hope. This is mankind were talking about right?

 :D We'll see.

Even if I agree that mid-term we should be going down, Bitcoin is a strange beast and can surprise us...

it may be a while before you see $80 again like we saw yesterday. we're already up $20 today and being the weekend we should be stagnating but we're not.

Choose your direction:
http://www.universityaffairs.ca/margin-notes/wp-content/uploads/2012/11/doom-gloom-430x238.jpg

I think I'll take DLOOM

Agreed, though I think $150 is a bit more likely than $50 given all this China business.

Hmm, this is, perhaps, a part of your goal to become a legendary supernode?  ;D

I'm optimistic. I think we will break through $200 again by the end of May.

It's going to hit both $80 and $150 again this month, the only question is when and in what order. :P

I think it is's either too much optimism or someone is pumping.

Depends on what that low is, I think 80 is well within reach, wile 50 may take another day.

That is kinda what bears do... I'm all in fiat ATM.

Due to the low pressure food cannot be heated properly as water boils at 80-90 degrees celsius or so. Also the air is dry and together with the altitude your tastebuds (and receptors in your nose) react differently than at the ground. To make airline food taste same as at the ground, it has to be different. It's like a distortion filter, some airlines have started experimenting with this distortion so that the food tastes weird in the kitchen on the ground, but excellent at 30K feet.

Bitcoin is revolutionary.  Permanent bull market, no exaggeration.

Besides, all the real scientific, seemingly logical arguments / predictions of where price is going (long-term at least) posted around here seem bullish.  Even Arepo's posts, which are always EXTREMELY well thought out and well-grounded in pure math, have been sprinkled with a hearty amount of bullish seasoning these past few weeks...

Now the currently posting bears:  Seems like there's Evolve and Electric Mucus.  Evolve is a talking head; EM is mostly a troll who not only is widely ignored, but has openly stated that his main goal is to be ignored by everyone on the board.

So... Bullish or bearish?  Judging from the ACTUAL CONTENT on this subforum (as opposed to wishful thinking [Evolve] and/or meaningless drivel [EM]), it is not such a tough decision.

Then there's reptilia, who truly believes BTC/USD will hit $1,000,000 by end of 2013.   ::) ??? :D

I dunno man, all i know is my life has become Bitcoin and I am enjoying it  ;)

Even with the best fundamentals in the world, you won't see something
going from $100 to 1 million in less than a year.

People will (even if unconscionably) refuse to accept it.

wow, only 1 million huh?

The grizzly is North America 's largest omnivore, meaning it eats both plants and animals. About 80-90% of the grizzly's food is green vegetation, wild fruits and berries, nuts, and bulbs or roots of certain plants. Grizzlies also eat a great deal of insects, sometimes tearing rotten logs apart and turning over heavy stones in search of the insects or their larvae.

Not to forget the occasional pizza order with extra toppings.

Bear at this price during this time period based on market news Bull at prices below 100
Bull long term

I OD'ed on Kool Aid. We're on our way $200 to $500 next week.

the fact that we're still over $100 is a very optistic sign to me.  there will always be bears on this forum. when the price gets to $900/BTC then drops down to a floor $500/btc, the bears will still be here proclaiming what an epic failure bitcoin is.

And by god when this happens you'd better thank them and give them a pat on the back for their brilliant and sober insight!

Honestly there is no problem with bearish speculation and it's good to have both bulls and bears here.  I'm still amused though that there were threads from people bearish at $15 that declared victory and demanded thanks while we're still usually trading 100+.

Presumably, they're only short term bears. You would have doubled your coins if you had been bearish at 160, increased them 5 times if you had been bearish at 260 and bought around the bottom.

But if you did that, it would be possible to predict the lottery number every Saturday and you would not need Bitcoin at all :P

Right, I'm not talking about a bear who comes on here and gives good advice with specific time frames and price levels that if followed would make investors money.  I'm talking about the bears that always call for a lower price then try to rub it in peoples faces when it's that time of the day when their stopped clock happens to be correct.  I'm not anti-bear overall, there will obviously be times when the market goes down and selling and re-buying later is the correct move to make.

To be fair there are plenty of bulls that fit the same bill I described above, however what they have on their side is that over the long-term the trend has been up, so it's slightly more forgivable I think.

https://i.imgur.com/0Enmg8k.jpg

EDIT: This is the price of Bitcoin from the beginning of 2012 until now.

That graph shows exactly why I am a bear ATM.

The real price-support are probably higher than what the long term graph shows, but surely below $50.

300. soon.

What am I looking at here?  Would be helpful to break down the chart a bit to more effectively make your point.  Thanks.

Edit: I see your edit, however what are the markers you've put on the chart?  Is the chart supposed to reinforce or refute my claim you've bolded?  I know what the chart is, I'm just not sure what you're trying to communicate by posting it.

I made the assumption/prediction of 300. BUT, my TA (very very basic and possibly incorrect) shows that there might be another dip before a new rally.
But the 300 price could be by August.

When I see that chart I see long term holders sold but they had a long wait and the short term ones bought in and lost for now
Basically low period == profit
Though their were two other dips their so small now due to scale :)

By all means, this is why I'm currently betting on the downtrend. Even if it's killing me inside. I don't have a choice without taking a loss ATM. Personally i think BTC is worth between 50-75$ and a lot of bears seem to think that is too extreme, but I think its reasonable.

It's impossible to go back to where we once were. I just don't see it happening unless MtGox gets killed. But I have to believe the price is going to tank at least a little.

I also definitely believe in the power of rallies, but you know what I made my choice can't take it back and will weather the storm. I hear the concept of strong hands being mentioned a lot and I know it usually refers to BTC but I also believe it applies to fiat. I made my choice. Time to stick it out.

The Bears, The Bulls, And the Sheep

I'm not sure how that chart could indicate who sold or not.  Seems just as likely to me that long term investors were used to holding through the turbulence and it was the new investors that bought then panicked when there were large quick sell-offs, especially since it was the new investors that had more USD worth initially invested since they on average likely bought in at a much higher prices.  Again I'm not saying my hypothesis is right and yours wrong, only that you can make a case for either happening and that chart doesn't tell either side of the story.

My main point was that over the course of Bitcoin the vast majority of the time bullish advice followed would have led to greater USD valuation of investment now than listening to bearish advice.  If a hypothetical exchange existed where you put in a buy or sell order, and it would then pick a random day in the past since bitcoins inception and execute your order, do you buy or sell?

None of my comments of course have made any predictions about the future.  It might turn out that over the long term bears had the best advice, but that hasn't happened yet, so the only bearish advice of value is a specific one in time and price that actually is correct.

In the short term I think there is a decent chance we will see another dip.  If we never drop down to 100 again then I will be out a few bitcoins due to a bad call not to buy more when we dipped to 79 previously.  I'm torn whether I want it to dip and let me recoup my few BTC or have the train leave the station and make the rest of my holdings worth much more.

I would recommend dollar cost averaging your average bitcoin cost with the cheaper coins then resetting your position once its a bit more profitable to sell. If you didn't invest too much at 250 but seeing as its at 110-120 on gox or 120 on canbit with a 98% Stability I would wait a while to see if stability moves up or down regarding price fluctuations in the short term. Instead of 10 units valued at 200 20 more at 100 = 30 units at 133.33
Not really speculation just a lower average cost can help to eat losses of course if your range is 50-70 should dollar cost average when it reaches that point.
https://www.canadianbitcoins.com/ (Where I measured stability from)

Either way if it's at 120 I am thinking down till 100 where I'm a bear in that range
70-100 I am a bull since the support levels all the way down to $50 have a lot of money so its hard to penetrate
Can see it through the orderbooks https://www.cavirtex.com/orderbook
Or Charts
http://www.bitcoincharts.com/markets/virtexCAD.html
http://www.bitcoincharts.com/markets/mtgoxUSD.html

Long run a bull too the chart explains itself but I agree that we wont be back to 200 for a while yet
Although if Its the power of rally's another rally will occur eventually probably parabolic and another crash but not for a while now
Cough not including our usual volatility XD

Either way I can't see $15 no matter the arguments from the bears not with that much money making a wall to get there :)
Unless  it becomes illegal or something along those lines

Hmm this mirrors my outlook pretty closely actually.  If we dropped to 70s and consolidated there are for a bit I wouldn't be shocked, however I think its more likely we will bounce around the 100 mark up and down unless something happens to change things (it will).  The drop from 266 scared a lot of people and that will manifest itself in people profit taking sooner in rallys we have in the near future so I also think 200 may take us awhile even if adoption and infrastructure continues to improve as it has been.

I think the spike up peaked a lot of people's attention and many projects are starting now for which we won't see the price benefit of until months down the road.  Due to this I'm mid-term (and of course long-term) bullish.