Bitcoin Forum

In 2011, bitcoin dropped from $32 to a mere $2. After this crash it took some time to recover, but the coin got there slowly and surely, rising from the bottom price crash after crash. I believe we experience a similar crash as the 2011 crash now (taken from forbes article) (http://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/) :

June 8-12, 2011
Peak price: $32
Price decline: 68 percent
This was the peak of the great Bitcoin bubble of 2011. Prices rebounded somewhat after this initial plunge, but there followed a long bear market that bottomed out at $2 in November 2011, a total decline of 94 percent.

January 17, 2012
Peak price: $7.20
Price decline: 36 percent
briefly falling to $4.60 before settling around $6.25

August 17-19, 2012
Peak price: $15.25
Price decline: 51 percent
reaching a low of about $7.50

March 6 and 11, 2013
Peak price: $49
Price decline: 33 percent
 briefly falling to $34 before rising again to $45

April 10, 2013
Peak price: $266
Price decline: 61 percent
 $140

As you can see, after the drastic crash, the coin kept reaching peaks and crashing. The general value kept rising, though. From the $1200 peak, we have fallen back to $180 now (at time of writing) This means, the price has already decreased by 85%.

My prediction is that the bottom will be reached in the upcoming days, reaching an ultimate low of just below a $100. After this a slow, but steady rise will start.

What do you guys think?

I think that you also have to destroy all existing ASIC devices to create the same situation as in past.

i missed 2011 but now iam here  :D

Definitely looks to be cyclical, with each round achieving a new ATH.  I'd like to accumulate before the next uptrend.

you are asking for a miracle to see prices that low imo, think of all them months we were around $100 and then think of how much development there was compared to now.  We didnt even have ATMs back then - example.

We will not go much lower than current. I would be absolutely amazed to see the coin fall below $140 a pop during this plunge.

Actually not comparable, still so damn expensive compared to actual early adopters :(

miners+companies like bitpay means low value for now. Unless people really accept btc as payments.

No. We already know the reason for the dip...

http://www.reddit.com/r/Bitcoin/comments/2sdwf8/butterfly_labs_is_the_culprit/

I'm very calm and I hold my few BTC. I'm still far from losing money, but what worries me more is that I don't understand anything. When I look at stocks, most often I understand why the market goes up or down, but I fail to get what's going on with BTC these days.

A repeat of 2011 which crashed 93.75% would bring bitcoin now to $73, we are around 85% down now.

The world is not in agreement about Bitcoin yet. Some governments still believe it can aid in terrorism and therefore keep trying to destroy it!

I'm not sure how comparable the cases are.
It took 5 months to find the bottom in 2011, whereas we've been stuck in a downtrend for more than one year...

Well....if we hit those prices I may just decide to make a rather decent purchase.

Cycle times vary yes. But that doesn't mean that we aren't near a bottom.

Whenever a market moves to quickly in one direction or the other there is greater and greater probabilities for it to shoot back in the other direction (even temporarily).

If we keep falling at the rate of the last few days we should hit $0 per bitcoin in maybe a little over 10 days (give or take 3 days).

$0 bitcoins! YAY!

Completely agree. I have been saying we'll hit bottom between $20-80. Too many manipulators that want to push the price down.

To what end