Bitcoin Forum

hi;

what do you think about the bitcoin crash?
it is 700 dolars on btc-e.

Since when is 700$ crash?!

Don't be so pesymist. Bitcoin will not crash in long time I thought, too many people use it and too much interest is around it. There often will be huge fluctuations like this one, because it's a cryptocurrency. There's no reason to worry about crash now. Live for today :)

I think we're in a bear market which will go on for months.  700 is still much too high.  Remember the last time bitcoin had a reasonably stable price in Sept., no more than about 130.  Historically, bitcoin has gone up by a factor of ten every year.  It has shot up nearly that much in three months to reach the recent highs.  Even after "correcting" to 700, the price is far too high.  It's really worth about a third of that.

Worst case senario is that BTC stabilizes at around $200-$300 (the price before China got in).

It's 640 on Bitstamp now as I write this and doesn't seem to be slowing down... I'm thinking 340-400 sounds about right atm.

Let's look at historical prices charted on a log scale:
http://www.bitcoincharts.com/charts/mtgoxUSD#tgTzm1g10zm2g25zl
Pretty revealing about bitcoin's behavior. That chart shows baseline support that's almost a straight line.  The humps and spikes are bubbles, in effect.
If the logarithm of bitcoin's price rises linearly, that means bitcoin has been going up exponentially.
Google logistic curve.  Bitcoin is the classic case.  A period of exponential increase, followed by a leveling off.
The trillion dollar question, of course, is when will it level off?
For the sake of argument let's say the party's just getting started.  To get back to its historic price support (which is not static or even linear, it's exponential with time), bitcoin needs to do one of two things.  It needs to drop, or trade sideways long enough until the rising support baseline catches up with it.
I don't think it's going into a drastic vertical crash the way it did in April.  As time goes by and bitcoin's price gradually drifts downward, that baseline of support will continue its exponential rise, and at some point they will meet.
That's when btc's price will start rising again.

What has happened after every crash? What will always happen after a crash? I don't want to sound like an annoying bitcoin holder by saying "buy in cheaaaap!!!" but it's obvious that this method has been successful every. single. time.

Dont buy before x-mas because it will keep dropping until it.

Agree with you. China FUD and Christmas general slow down is the cause of this and it will not pick up again until first weeks of January.

Right, but don't expect another rocket ride for a while either.

New year will bring new ATH ;)

its always like that nothing is crashing. going up when going down

it is 564 dolars on btc-e.
what do you think about the deep point?

when a speculative bubble bursts, it usually returns to the levels where the price went parabolic.  in this case that would be somewhere around $200-400.  see this chart.  draw your own conclusions as to where your emotions are...

https://twitter.com/YachtsOnTheReg/status/410326529634103296/photo/1 (https://twitter.com/YachtsOnTheReg/status/410326529634103296/photo/1)

Panic selling must be triggered few more times.

System is adjusting at all times as this cannot be on big player's hand.
Think so.

I estimated , at the worst time, USD 70 per 1 BTC, still do.

Let see few more months.

At $500 i still dont think its a crash. Its value is known to change. And i told everyone not to buy bitcoins at this time but no one listens to me.

Summer 2011: Bitcoin crashed to 2€

Spring 2013: Bitcoin crashed to 100€

December 2013: Bitcoin crashed to 400€

I don't mind :D