Bitcoin Forum

Is this the "blood in the streets" moment to buy up BTC on the cheap?

No. There's still a long way down.

No.  You'll know there is blood in the streets when you start to question whether BTC will be around 5 years from now.  That's when you buy.  I've got a bid in at $1.65, just to make sure I don't miss something big down overnight, but I can imagine this going to 50 cents or so.

Just want to add a hearty "NO" to the OP

The psychological buy-in is $1.00, and the buy-in on fundamentals and valuation reset is $1.00.

My 2 BTCs,
SJ

I'd also like to chime in with a "what a dumb post" comment.  There were 360,000 BTC purchased in the last 24 hours.  That's people bailing in, not necessarily bailing out.

In related news there were also 360,00 BTC sold in the last 24 hours. 

My vote is yes. Any buys at or below 2.20 are almost guaranteed profits in my opinion.

I see a $2 range in the next 2-4 hours, based on today's hourly movements.

Do you see a resistance point at $2.20 ?  I can't see it...

SJ

If enough people speculate for an eternal drop, BTC minting limit will come in as a surprise. :) Just come down and let the bulls buy up the whole playground.

IMO, it would be hilarious if that happened; the same market trying to enforce an exponential uptrend, then an exponential downtrend.

At current price, it would cost 18.4 M USD to buy all Bitcoins in existence. If this goes much further, I smell bullshit mode of the funniest kind, especially if short-selling or tactics to "buy back when it rises again" are involved. Good luck sharing those few coins offered for sale at low prices now. A medium-sized real speculator swipes that off in one go if it keeps dropping. Actually, scrap that, any real speculator can already clean up the order book I currently see at least five times.

I'm a sandbox speculator and I know it. Sometimes it looks like Bitcoiners forget. Real speculation starts at 500k on a single move, which means the speculator has access to 10M or more to stabilize against statistics. And those are the small players.

^ Replace 2.20 with 1.20 and I agree with you. Anyone buying in right now is exposing themselves to a swift 40% haircut.

Damn right!

depends if you're short term or long term.

what would it take to spike the price back up to $10 ?

winter holidays? large company accepting bitcoin?

In my opinion a $2 bitcoin is the opportunity of this decade. The financial system is crumbling; look at the price of gold... fiat is becoming worthless. The future is facebook credits or bitcoins. Take your pick. LOL. We're three years into an unstoppable experiment. The price is supposed to be volatile at this point.

How can you be so sure?  Are you just assuming that at this point, large sales have to be by "early adopters" who have huge amounts to sell?  And you assuming secondly that there are no people out there buying 100k+ bitcoins at a time?