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These 4-digit prices cause the some of the numbers on the charts to lose the rightmost digit (cents).
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This article essentially says that an ETF rejection would not impact the price. Or at the most, cause it to return to the support line at $900. To me, this is far more reasonable than people speculating it would drop to $700 or even $500. The upside of approval is that NEW money will be flowing in, but in the case of rejection, a dump would require OLD money to flow out. In this scenario, new money would simply never enter the market and thus never impact the price. So any premonition about a dump is a claim that only concerns old money. Sure, maybe some of it is trying to flow in now to get in before the ETF money does, and therefore would leave again once it's rejected. But how prevalent is that sentiment really? I've never heard anyone say "I'm buying bitcoin strictly in the hopes of rapid appreciation in case there's an ETF." Most people are in for other reasons, whether they be short term traders, long term hodlers, miners, etc. |
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In my opinion, this is classic "buy the rumour", stuff. The rumour being that the ETFs will get approved by the SEC. We should see some profit taking as the decision date approaches, and if the ETF gets rejected, the mother of all sell-offs.
I still can't figure out why people think the price is propped up by the ETF. It's not likely to go through anyway, and the bitcoin economy functions just fine without it. There are a lot of well tested support levels that would not make sense if they depended on a low probability event. |
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I didn't expect that we will see upward trend. No after 2nd PBOC intervention causing biggest Chinese exchanges to stop bitcoin withdrawals.
There is rumor that Chinese traders are starting to disregard government actions and attempts to curb bitcoin trading and are focused more on p2p trading.
This would explain mild bullish trend in spite of the ongoing investigation on money laundering in China.
Look at the price difference from OkCoin to Bitstamp/Bitfinex. It used to the OkCoin the one with the highest price, that means china was dictating the market. Now the market leaders are not china anymore, and bitcoin keeps growing. This simply means now china is looking at Bitstamp/Bitfinex for price reference, chinese price is now irrelevant. The suspension of BTC withdrawals creates artificial selling pressure since anyone that just wants to withdraw has to sell first. So the price may catch up once the suspension is lifted. |
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One factor you have to consider is the psychology of the people watching such "pump and dumps". How much of it is really what you say?
It could be the same effect as when people used to believe the movement of the sun was caused by some guy riding a chariot across the sky. People have a bad habit of attributing significant events to one or few agents deliberately making said event happen, when in fact that may not be what's going on at all.
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I personally could appreciate a dump down into the lower $900s based on a non passage of the ETF - but I have trouble seeing how such news (absent some other big negative BTC news or big FUD spreading) would cause breakage in the support that is in the $800s, $700s, $600s, that would be required to get prices to the mid $500s... just seems in the less than 5% probability territory (at this time, as I type).
Yeah, I don't see it going much under $900 at all either for the reasons you're saying, but the link seems to claim there's a greater than 50% chance of it doing so. I would think that since this is "the bullish media" thread, then we should spend considerable time justifying any kind of bearish information (or links) that we post, no? Otherwise, you are not "bullish" in compliance with the thread but instead just come off as spreading bearish FUD (without explaining why it might not be FUD).. So, having said that.. 50/50 is way too high of a bearish scenario and should be explained (if there is any possible basis for it) rather than just relying on purported expert in an article, no? I'm saying the article had a highly bearish component to it. I myself am not bearish at all. |
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I personally could appreciate a dump down into the lower $900s based on a non passage of the ETF - but I have trouble seeing how such news (absent some other big negative BTC news or big FUD spreading) would cause breakage in the support that is in the $800s, $700s, $600s, that would be required to get prices to the mid $500s... just seems in the less than 5% probability territory (at this time, as I type).
Yeah, I don't see it going much under $900 at all either for the reasons you're saying, but the link seems to claim there's a greater than 50% chance of it doing so. |
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Ouch! The price may fall to $551 if the SEC rules against the ETF? And I thought the PBOC stuff was bad! |
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record bitcoin price in 2017 over 1100 dollar
this now bitcoin price in range 1010 -1050 , so not new record
my prediction in bitcoin price in 2017 can new record and incraese until reach 1200 dollar
But it hasn't held a $1000 price tag for a continuous 72-hour period. It failed to do this in 2013 and it failed to do this a month ago. But if it lasts about 4.5 more hours, it will finally succeed in this regard. |
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For the most part, the network can't tell the difference between stored and burned bitcoins. So storing is strictly better than burning. Who would've thought?
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Kwuk is a permabear because he thinks the protocol is broken. Whether it is or not, that aspect has little to no actual effect on current price movements. So even when the price goes down, he's still wrong.
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I only remember your diesel generator in the woods stories. You don't talk too much aboot your daily life in Toronto.
I have dual citizenship: country slicker and city bumpkin. That's one of the reasons for my higher than average security measures. People know I'm often away for days or weeks at a time. I'll assume your misspelling of "about" was a typo. It makes you sound like an American hillbilly though. They seem to think that if you don't pronounce "about" as "a-bay-owt" that you're talking about footwear.  |
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In the end, the regulations will only cause price increases due to fees, restrictions, etc. Bitcoin will be harder to get, thus people will pay more.
I don`t think so.If bitcoin becomes harder to get and more expensive to use,i think that it will be less attractive for the people and more btc users will move to altcoins or leave the crypto community. That's what they said about each halving too. Just saying. |
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The Trump presidency should be bullish long term. But everyone already knows the inauguration is happening and it's not like he's going to mention BTC tomorrow, so I doubt anything comes of it in the short term.
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In 2014, we entered a long down market where we saw periods of side ways followed by a slide down, repeat and rinse. Is 2017 shaping up to be another 2014?
Yep. Bitcoin has had it's parabolic blow off top, and in comparison with 2013 and 2011, the interest is just not there, at least not from outwith China. Joe has been burned by Bitcoin too many times by now, both through 'legit' manufactured pump n dumps and from exchanges just outright stealing from it's customers..... USD volume is a mere fraction of what it was during previous pumps and google trends shows also a distinct lack in interest compared with previous blow off top pump: <script type="text/javascript" src=" https://ssl.gstatic.com/trends_nrtr/884_RC03/embed_loader.js"></script> <script type="text/javascript"> trends.embed.renderExploreWidget("TIMESERIES", {"comparisonItem":[{"keyword":"Bitcoin","geo":"","time":"today 5-y"}],"category":0,"property":""}, {"exploreQuery":"q=Bitcoin","guestPath":" https://www.google.co.uk:443/trends/embed/"}); </script> Of course, there are still 'believers' who think they are getting 'cheap coins' at $800 range, but I would wager that nervous bagholders outweigh them....and besides, that pump was 100% Made in China, and the PBOC has just announced they intend to investigate the big Chinese exchanges. If the Bitcoin Cowboys are all scurrying around with their tails in between their legs, busy trying to get their ducks in rows for the PBOC, who is left to really drive the market up? I would be very surprised if bitcoin didn't go on and have another pop at $1000 or so, but I wouldn't be expecting any new highs anytime soon. Ah, the old "it's so similar yet not really similar at all... so it's all bad or something". You sure said a lot without really saying anything at all. |
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I'm still waiting till it drop up to $500 do you think this will be possible this year? this will be a great opportunity to buy many bitcoins before this year ends im predicting that bitcoin could really hit and pump up to $2000 this year. we can see the graph and its always pumping when the year is ending. and bitcoin is improving than 2015. i think because the users of bitcoin has been spreading now. and that will be a great opportunity mostly on traders because new users always want to gain bitcoins.
That much volatility all year may be a step backwards rather than improving. |
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What a bullshit. Sorry to say that but charts suck from finger.
This is a lovely post and I love it. |
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Emotionally, I'm worried and scared. But I know not to make financial decisions off that.
I'm just waiting this one out to see what happens. I may not be smart enough to sell at the top yet, but at least I'm not dumb enough to sell at the bottom.
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What I loved about Bitcoin the past couple of years is that, while the price has gone up, the volatility has gone down.
Suddenly the volatility is way up, which is bad, even if the price recovers.
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