Bitcoin Forum

The value of the USD dropped!

Let me tell you a story.
Once upon a time in bitcoin land we were sitting on the fence at around $79/BTC, a big $600k wall stood in between us and the 80s.. Then BOOM! Ben Bernanke drops the bomb, America ain't doing so well after all...

The USD plummets, shedding 2%. But nothings happened to our bitcoins, the fundamentals are still strong, they are still as intangible as ever..

So bitcoin is worth exactly the same, but the USD is not. In fact at the current prices for the USD, BTC should easily be worth $80.6.

Only one problem there's a massive $600k sell wall at 80.... Actually, that's not a problem at all... In fact it's great news!! A massive opportunity, that means I can buy coins at 60c under what should be the value...

Wooosh lets buy up those cheap coins!!

Speculator... "Woah what's going on here... somebody just bought straight through that wall... They must know something... BUY BUY BUY"

More speculators "BUY BUY BUY"

More speculators "BUY BUY BUY"

$90/BTC!!!

Where to from here?

Has this little event driven up the price of BTC for good? Or are we going to see a massive splashdown in this weekends dip?

My bet is the 90 wall is going to hold, and people will start pulling their coins once the big fish who are keyed in on this kind of thing do.

Also, a general rule of thumb is that any sudden or very rapid price change will face a correction. It happened with the huge slide down, and it'll happen with the big increase now.

hm... bitcoin has risen versus all other currencies as well.

Bingo.

This isn't about USD. It's all about BTC.

BTC was undervalued due to USA government/MtGox problems. The market corrected itself.

Of course it had, because the wall collapsed so people started buying. End result BTC up higher than it should be in all currencies.

See if the % rise is equivalent to the Euro, it shouldn't be. USD % rise should be higher.

This. Nothing to do with USD at all, methinks. Also, the push from 76 to 90 was put into motion with a single whale's 6k+ market order + xk (2k+?) bid wall -- makes the rally feel a tad artificial, don't it?

I wouldn't doubt a big whale shit this weekend.  I'm actually betting on it.

I think those that bought at around $70 are lucky at this point.  Prices will stabilize at around $90 and then steadily go up from there.  That is my prediction anyways.

BTC was really oversold so a snap back rally isn't surprising.  This is a key area of resistance worth watching, a break above $100 would be very bullish but I put greater odds on a break downwards.

bitcoin undervalued? nobody knows real price. to me it worth few grams of weed , thats all

Coincidental. Remember when a huge buy wall set-off the downtrend?  It's sort of like that, but in reverse. The market reacts (idiotically) to big players. There was no reason to shit itself when a big holder took advantage of a big "buy wall" Now the market reacts to a buyer in a "sell wall"

Big money hasn't even joined yet so it's kinda funny watching huge reactions over $1 mil or so on either side

Can't agree more with you, I foresee the price of bitcoins to correct itself pretty soon. I'm still waiting on BTC to drop below $70 before I buy again.

+1... wheres my fitty?

It's really a great time to shit. Price is the best it's been in a week.

you seem to be ignoring the rapid price change from $100 down to $70, which is correcting back to the norm now that speculators window is closing. I believe the next course is $100-$120 which is the natural range. especially with mtgox USD withdrawals coming back, winklevii ETF and mtgox's new platform.

The sudden drop is exactly what I'm talking about. Huge sudden changes are unsustainable in either direction. The same will happen to the sudden increase as it happened to the sudden drop.

Yeah that's a good point, but we've been seeing progressively lower peaks and lower lows. My guess is the trend is still down and that the $100-$120 is reaching a bit far atm

few grams = 8th = street value around 50 bucks...therefore your speculation postulates approximately 50 USD per 1 BTC. 

Clarification for readers in cyberspace

the big increase?!?!!?!?!?! we go up a few bucks and you think its a big increase. ha i remember we would see ten dollar gains in an hour. callit now then we will see about 140-150 in two weeks.

60dollars to 90, id saythats' quite the inrfase increase. But the decrease was also rather sharp. Something done in this time period is sharp, no matter the market. This is why BTC is volatile, where price changes are this quick. Don't mistake me though, I mmam iam a longterm bull though.

who cares, you can't time the $5-10 intra-week fluctuations. I'm loooong

I'm with you bro., This is just short term talk. I am a huge believer, and this Bitcoin thingy will take aooffff off i'll tell ya.

and.... walls gone :D

The rise is almost a perfect mirror image of the decline.

I hope too many people weren't shaken out.

If you ask me the fact we're up so high is crazy...

Bernanke has reassured the market...

http://finance.yahoo.com/news/futures-jump-wake-bernanke-comments-112529498.html

We're going down. Investors will pull, and at a quick profit. 90 is too high.

You've got to remember, this whole down spiral started on the back of America's recovery.

Bitcoin is a hedge against other investments.

There's only one way we can go with this, and that is.... DOWN.

Same with gold, pull your profits while you can!

bitcoin is not a mature market, it still has room to grow whereas gold....

Agree. A lot of work is needed first though.

Bitcoin doesn't do much yet

you are clearly confused. bitcoin is not a hedge - unless to some - maybe you should go learn what bitcoin's similarities and differences compared to gold and fiat. random statements such as yours are borderline trollish

+1