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Title: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: lyth0s on May 20, 2014, 05:13:45 PM Quote Today we are noticing a a price breakout on Bitcoin, with a current price of $480.43 on Bitstamp. This comes after a long slippery downhill slope for Bitcoin over the past 5 months from $900 and it’s all time peak of just over $1160 on November 30th, 2013. This breakout may represent a trend reversal for Bitcoin on it’s way up to $1,200 per Bitcoin by July 2014 as predicted in my previous Bitcoin price analysis here... The first possibility may be due to Bitpay raising another $30 million dollars in funding in order to expand their team, including a focus on international Bitcoin Trading. ... Causes of Bitcoin Price Breakout on May 20th, 2014 (http://www.geekcipher.com/technology/bitcoin-price-breakout-on-may-20th-2014/) Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: freedomno1 on May 21, 2014, 01:03:33 AM Thanks for posting this is what I was searching the forums for
Was starting to get curious as to why the price was moving so much in a short period There was also an announcement from CFIG today probably a minor factor but the only thing I noticed https://www.havelockinvestments.com/fund.php?symbol=CFIG Thanks for sharing Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: Bit_Happy on May 21, 2014, 01:47:04 AM Quote Today we are noticing a a price breakout on Bitcoin, with a current price of $480.43 on Bitstamp. This comes after a long slippery downhill slope for Bitcoin over the past 5 months from $900 and it’s all time peak of just over $1160 on November 30th, 2013. This breakout may represent a trend reversal for Bitcoin on it’s way up to $1,200 per Bitcoin by July 2014 as predicted in my previous Bitcoin price analysis here... The first possibility may be due to Bitpay raising another $30 million dollars in funding in order to expand their team, including a focus on international Bitcoin Trading. ... Causes of Bitcoin Price Breakout on May 20th, 2014 (http://www.geekcipher.com/technology/bitcoin-price-breakout-on-may-20th-2014/) The author is predicting "$1,200 per Bitcoin by July 2014", which seems way too optimistic. A slower (more sustainable) rally might be better for long-term health of the BTC economy. Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: freedomno1 on May 21, 2014, 05:12:01 AM Quote Today we are noticing a a price breakout on Bitcoin, with a current price of $480.43 on Bitstamp. This comes after a long slippery downhill slope for Bitcoin over the past 5 months from $900 and it’s all time peak of just over $1160 on November 30th, 2013. This breakout may represent a trend reversal for Bitcoin on it’s way up to $1,200 per Bitcoin by July 2014 as predicted in my previous Bitcoin price analysis here... The first possibility may be due to Bitpay raising another $30 million dollars in funding in order to expand their team, including a focus on international Bitcoin Trading. ... Causes of Bitcoin Price Breakout on May 20th, 2014 (http://www.geekcipher.com/technology/bitcoin-price-breakout-on-may-20th-2014/) The author is predicting "$1,200 per Bitcoin by July 2014", which seems way too optimistic. A slower (more sustainable) rally might be better for long-term health of the BTC economy. Well there are bulls and there are bears if I recall the October Rally took around 2 to 3 months to reach its peak but was followed by a long trough and stable period so it definitely could happen if the support and demand can sustain it. The question though is if we are breaking out of the sideways pattern and moving up into a bull line Bit speculative and way to early to tell but I disagree with the slow sustainable rally occurring but more of another rapid rise and new high then stable sustainable period again. Although your right the stability does help when its around. Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: howardb on May 21, 2014, 12:53:12 PM The timing of the rise implies it was a purely western phenomena, the most likely explanation for which was the Winklevoss twins doing a press release that Bitcoin would be bigger than facebook.
Of course it doesn't really matter what started it, belief feeds itself, so if enough bulls believe this is the start of the next upswing, then it will be. Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: bryant.coleman on May 21, 2014, 01:56:02 PM Well... a 10% increase from $450 to $495 does not impress me. I hope that within the next two or three months it will reach the pre-Mt Gox levels (i.e $800-900 range). It can even cross the 1K mark this year. >:(
Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: fudbuster on May 21, 2014, 02:28:57 PM Quote Today we are noticing a a price breakout on Bitcoin, with a current price of $480.43 on Bitstamp. This comes after a long slippery downhill slope for Bitcoin over the past 5 months from $900 and it’s all time peak of just over $1160 on November 30th, 2013. This breakout may represent a trend reversal for Bitcoin on it’s way up to $1,200 per Bitcoin by July 2014 as predicted in my previous Bitcoin price analysis here... The first possibility may be due to Bitpay raising another $30 million dollars in funding in order to expand their team, including a focus on international Bitcoin Trading. ... Causes of Bitcoin Price Breakout on May 20th, 2014 (http://www.geekcipher.com/technology/bitcoin-price-breakout-on-may-20th-2014/) The author is predicting "$1,200 per Bitcoin by July 2014", which seems way too optimistic. A slower (more sustainable) rally might be better for long-term health of the BTC economy. Wow, that's only a little more than a month away... no way it will happen that quickly. Maybe by the end of this year though. Title: Re: [2014-05-20] Causes of Bitcoin Price Breakout on May 20th, 2014 Post by: Shermo on May 21, 2014, 02:34:27 PM Perhaps this was a pre-emptive buy from these guys:
https://bitcointalk.org/index.php?topic=619230.0 Probably thinking the price will surge with their announcement? |