Bitcoin Forum

I predict that this will be the first weekend in recent memory where there is actually a slight rally in price, leading to another moderate rally during the week.

Why?

No publicity is bad publicity. There is not enough fear from the recent hacking/heists to discourage new interest, in fact I think it's actually driving interest, especially since there is a new focus on wallet security which is helpful to newbies who might have gone unprotected otherwise.

No publicity is bad publicity. There's also been some pretty good coverage by respected news orgs. I feel this will bring in a bit of interest, too.

The end of mining profitability. With mining at the end of its profitability at buy-in period, new interest will start purchasing BTC directly instead. This leads to a direct valuation of the market instead of a long lag as miners hoard coins.

New vendor announcements. This is tenuous, but I read of a rather popular online vendor announcing they'll begin accepting BTC. Not going to link it because I don't want to tie myself to it if it doesn't come through, but imo it looks good. We can only hope.

I would agree, except for one thing.

The chart looks like we're currently in the 'stability' part of 'rally-consolidate-stability-panic' cycle which repeats itself over and over.  IMO there's still potential for someone to spook the current fearful into one more dip before the rally takes off.

Mining may not be very profitable now, but what about the future? If bitcoin hits $30 again, mining will be very attractive again. Anyway, more businesses accepting bitcoins is fundamental, I would love to see it happening at a faster pace...