Bitcoin Forum

Hi all

What an exciting weekend for BTC. Sad that it dropped a huge amount but it's still higher than it was about 8 days ago and seems to be staying around the $100 mark.

Many people said that once it recovered to $100 yesterday that there would be a mass panic sell but that didn't happen as far as I can see.

If it stays around $100 into next week and for the next few weeks, I think it is very positive for the future of Bitcoin as a currency. Some people seemed hell bent on manipulating the market and using harmful DDoS tactics to do it. It looked like it was going to crash and burn but it hasn't. So there's one in the eye for all the detractors.

Long Live BTC

If we end the weekend anywhere around $90+ I'm expecting a steady rise to continue. There are a lot of people who sold during the crash, that are waiting out the weekend to see what happens. Once new money starts coming in on (and there's plenty of it), the price will rise and people will buy back in.

Every sign I've seen is still pointing up, regardless of the panic sell off. Google trends, media coverage, mtgox queue, growth on the bitcoin subreddit and on bitcointalk, all are higher than they've ever been.

I have no idea.  I guess it has for the past 8 or 9 hours - and it looks likely to hang somewhere around $100 for the next hour or two.

But beyond that?  No clue.

More time needed to prove the price.

https://i.imgur.com/cGXmZwi.jpg

No.  This is the calm before another storm.  The supply of bitcoins for sale on MtGox has nearly quadrupled in the past 4 days.  People want out, and the price will continue downward as a consequence.

Methink the BTC will keep sliding downwards for some time. But there will be peaks.
It will be interesting to see where it is in a months time.

BTW: Nice to see that others have found the way of bob.

of course, the DdoSers are putting their coins back on gox getting ready to pump and dump again.

Normally, I'd agree, since people tend to seriously discount the psychological power of familiar, even numbers, like $100.  But there are far more powerful market forces at work, in both directions.  I think we've got some serious tugging yet to happen, in both directions, before things settle down again.  A few days, at a minimum.

Then, provided its mainstream image can emerge untarnished enough, hopefully a slow, steady upward march can resume.

+1 .. I 100% feel the same way (whether its true or not in reality).

TC

I think the bulls will just buy to keep it at or above $100. That's all we need, since the number of coins is limited, and most panickers already hold approximately 0 of them. Personally I am content with 3-6 months at $100-$120. I have no delusion that it will last that long, so I will buy more at every opportunity. I know the mindset of those that are coming after me.

I think all these new 20,000 accounts a day only see one thing: $266 then, $100 now.
They want a crack at it.

This.

Proudhon's graph is interesting and significant, but it's also important that the green line on that graph has shot up as well, more than the orange one in fact. That goes a way toward explaining the current "tug o' war" and sideways-ish movement so far (slightly bearish since Saturday, slightly bullish since Friday).

There are people looking to get into bitcoin that will think $100 is a bargain but there are even more people who got in earlier that might be looking to sell on any more signs of weakness. 6 months out is still pretty bullish for bitcoin though.

I bought in at $100 with some short term gains from $60 and will be holding for the long term. A problem with this would be if the bears are right about a slow downward slide, like after the last "bubble".

+1 thankyou I agree. the tugging will give way to buyers though. to the moon by end of year. you will only wish yo had bout your 100 coins now and not at 1,486.(next big drop)

The bears have a vote only up to the number of bitcoins they are willing to sell on the way to $30. Do you honestly think any of the bears here are long any bitcoins??  ::)

I'm long, yet I'm still not stupid.

I hold many btc yet I've liquidated almost half due to recent events. Only those in denial still hold all BTC.

Edit: To op's question.

NO.

100 is more likely a psychological level than an equilibrium level. If that means anything, then that it's not a very good place to settle at.

Proudhon, I have a few questions for you.

Do you think BTC is enough of a threat to the mainstream fractional usury currencies that the centralbanks would bankroll (pay) people to go on BTC forums and give consistently negative opinions about everything to do with BTC?

Do you believe the 266 to 55 crash was orchestrated by a handful of operators trying to crash BTC completely?

For the record, do you yourself own any BTC? Tens, hundreds or thousands?

If you, yourself, believe any of the questions you have just asked then why would you be asking the one person that would most likely be paid by ones you mention above and expect an honest answer?  

Holy Jesus, I think my IQ has dropped since visiting speculation.

"the one person that would most likely be paid by ones you mention"

This.

It largely depends on Mtgox lag, seeing as that had a huge impact in compounding the panic that occurred.  It's fragile, if Mtgox has little/no lag I doubt we will see any major dips, we could even see an increase to about $130.  If it starts lagging badly again it could drop quite dramatically.

How are people with 20 posts getting out of the newbie cage?  Another 10 percent drop since I've posted.  These stupid questions make me wonder..... How much dumber can humanity get?  Much it seems.

i will by on buy on $30

$100 is the new $5 from 2012 spring.

We will build a base from here.

We could do far worse than settling at $100 for a couple weeks. I agree it's a good psychological number.

Speaking of psychology, it's what finally convinced me to place a sell order for some of my mined coins @ $250 on Gox before I went to bed one evening. Point being, psychology does account for "something".

Woke up a richer person and then watched the spectacular crash back down to our current levels.

What a ride.

My new favorite chart (http://www.bitcoincharts.com/charts/mtgoxEUR#rg360zigWeeklyztgCzm1g10zm2g25zl) shows some points:

- We scored a first weekly negative for over 3 months
- The price did not drop substantially, and is actually on the 50% monthly appreciation track laid down on January
- If you want to think of "losing" something, we "lost" the froth that was building during the last 2-3 weeks. A 50% monthly is hardly sustainable, a 50% weekly definitely is not.

My advice: if you want to sell, I think you should set your limit order to $150 now and lower it by $5-10 per day from now, until you have sold enough. This will likely net you more than $100 per coin due to short term swings. If you want to buy, do the opposite and put your bids to $60 range now, increasing them in predetermined order.

The above trick enabled me to buy BTC670 last Friday at an average price of $62ish, which I kind of feel smug about  8) None of the sells has yet gone through, though, I am waiting starting at $125...  ;)
 

I think $100 a bitcoin would be a good price to settle on for now.

I was so upset in 2011 when I left I didn't even remember my old account info  :D

With all the CNN and Fox news stories I saw about BTC I know even if $100 seems stable the new money is going to get squeamish and run.

I have a staggered buy approach like rpietila mentions but down at $48.

loads of tension in this market, popcorn is needed !
i agree that newcomer can only vote up. Now bitcoin is full of surprise :)

You are in good shape now but by end of April - Mid May you will be hit by a bus and end up in hospital with both legs broken, and the nose flat like a dried apricot.You'll be back on your legs in three years (but your nose will still be flat).

Equilibrium is psychological.

It's still mostly only gamblers who decide the price of bitcoin right now. Now that bitcoin has been proven to be able to reach $250. The odds of bitcoin's value doubling from $100 to $200 again in the future have gone up. If the odds for bitcoin going down to $10 are about the same as the odds of going back to $200, then I would say $100 makes sense as the equilibrium price right now.

I hope so. :-)

no

dollars are worth more atm

Hey RP - Its a little off the topic, but could you break out what the buy tactic might look like with some numbers. I'm definitely looking to buy and your staggered approach seems like the right way to do it.

I think the potential investors are only happy the bubble popped and they are simply waiting for the right time to jump in. The get-rich-quick people have made their money and are pretty much gone now, they have no real interest in bitcoin except to make a quick buck for themselves so good riddance there. :)