Bitcoin Forum

Your attention please.

Bitcoin is about to die again.  Please return to your seats and fasten your seat-belts.  We are descending steeply today so please ensure that your bitcoins are securely stowed.

Thank you.

http://higgs.rghost.ru/58419170/image.png
Chart from bitcoinaverage.com (http://bitcoinaverage.com).

That line looks to be about $230

I don't think we'll go that low

Wishful thinking from the graph. I also wish making money is that easy.

Again? Have I missed something?

Look me can draw a line!!  ::)

oh look, another fallling sock puppet. who is your paymaster and what is their agenda for spreading FUD to crash the price?

bitcoin is going nowhere but up, for the following reasons:

old:
bitcoin will lift the unbanked of the third world from poverty
allows for remittance for poor immigrant workers with no middle man
consumers can rest easy knowing their money is safe from hackers, unlike credit card users at target, home depot, etc

new:
next halving will cause more demand for limited supply
billions of dollars of VC being invested every month
stock market plunging, world wide economic collapse seems imminent. people of the world will use bitcoin as a hedge.

http://www.czechpoint101.com/newsletter/wp-content/uploads/2010/09/Market_Sentiment_Cycles.jpg

we are now at the "hope" stage, moon ship will come soon.

This was mainly a reference to the latter months of 2011 when a number of articles proclaimed the Bitcoin experiment dead.  I believe a repeat performance is very much on the cards.

We're still in denial, as clearly demonstrated by the bulls expecting another rally to come. I don't think we'll hit the hope stage until we're back to summer 2013 levels, which is the true value of bitcoin right now.

I like this guy.  Think we are that far along in the stages..?  Dunno.. not yet I think.

The thing I never like about these charts is they rarely go all the way back to 2010, when it first even had a price.

Don't know about we, but I'm stuck in the optimism mode since early 2013 :) had a bit of euphoria in november, true, but now back to optimism ;)

Apologies.  I intentionally cropped some of the left-most data off because there was so little volume I considered the data almost valueless noise (much like the mining difficulty data of 2009).  I've left some of the early data on to show that this line is not a hard rule (of course) and, indeed, the price drops far below the line in the early days.

I think I have some bitcoinmarket.com trade data hanging around somewhere which would take us to early 2010.  I haven't got it to hand but vaguely recall there being price action between 0.003 USD/BTC and 0.0086 USD/BTC in its early months (leading up to early July 2010 which is when I stated trading).  If you're interested I'll try and dig it up.

So Bitcoin was dead in Jan 2011?

sorry, I look the title as The Line of Depth

Die again? When did it die before?

Also, that chart is totaly not relevant

Somewhat yeah it was, it went out of the general public, then it came back with a huge peak. I think we are going to have a big long time of sustained low price on the 200-300's before the next ATH.

The fractal pattern of bulges and sell-offs will probably continue moving the price mostly sideways on that scale for the next few months until we collide with this support. That is when the real test will occur.

or we could very well shoot up without touching that line, as we did last year

Below line will be very interesting time  8)
we need more entertainment with Btc :-)

https://bitcointalk.org/index.php?topic=181440.0

when it touches the line than will shoot up for good.

All of these these trendlines consider the price near the beginning of October 2010 a fundamental anchor.  I don't consider such early price data to be worth much myself.  The effect documented on that thread would be far more pronounced if the price history were worked backwards to February 2010.

Of course, there's nothing absolute about the line I've drawn.  I've simply selected to draw a straight line though the turning point of the 2011 bear-market and the point at the base of the April 2013 bubble.  Both points, marking significant changes in medium-term direction, form the basis for the best guess I have.  I consider June 2012 is a little nice support and April 2011 pure coincidence.

Chart looks about time for another dump, let's see if another large sell comes in

Im pretty certain we will never see double figures, and if we see double figures it will last secons. Im ready to go 50% BTC if it ever goes to double figures but so is a lot of people.

Right, but you can't, on an exponential axis. Note that there is no 0 on the left axis.

https://bitcointalk.org/index.php?topic=181440.msg9188538#msg9188538