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Nobody can really give a good estimate on that because there's way too many variables. For instance, the upswing always tends to overshoot, so even if you weren't optimistic and believed the price could only hold stable at $800, it would probably still reach 900-1000 for a while. But once it broke $1000, the media would unload about 5 million Bitcoin stories that would FOMO it higher. The second you break both old ATH and gold price, here comes more media stories and it happens all over again, then up to like $1400-1600 you go.
There will obviously be some people shorting at $800, and there will obviously be people trying to short squeeze them there. Anyone shorting there is pretty much an idiot since there's plenty of entities with 100 mil in the bank in Bitcoin that may or may not attempt to strongarm you at that point, so you might as well be throwing darts at a dartboard. Never try to short a breakout trend. God, shorters are idiots.
So yea, I figure there will likely be an attempted short squeeze to $1000 or more, and if BTC manages to break ATH, then all bets are off and you can get into just insane numbers. For the most bearish scenarios, I think it will still go over 800. It's just too hard to call when all you have to do is break old ATH for literally one nanosecond, either through the normal market or a short squeeze to put you into an entirely new ballgame.
The real question to ask yourself is, at what levels do you think the market would be overextended and you would want to temporarily dump at? The answer to that question is, there would be no point to do so at 800. At 1000, the media is pumping it for you and you're in easy striking distance of ATH and insane FOMO, so still no point in selling anything. If you hit 1200, well, at that point the press coverage is going to be so big it will be forcing central bankers to consider adding it to bank reserves again like so: http://www.coindesk.com/barbados-central-bank/
All I can say is, keep holding unless you see a triple top that's far above $1200 - shout out to In-Q-Tel, Larry Summers, and the Chicoms who will be helping pump.
There will obviously be some people shorting at $800, and there will obviously be people trying to short squeeze them there. Anyone shorting there is pretty much an idiot since there's plenty of entities with 100 mil in the bank in Bitcoin that may or may not attempt to strongarm you at that point, so you might as well be throwing darts at a dartboard. Never try to short a breakout trend. God, shorters are idiots.
So yea, I figure there will likely be an attempted short squeeze to $1000 or more, and if BTC manages to break ATH, then all bets are off and you can get into just insane numbers. For the most bearish scenarios, I think it will still go over 800. It's just too hard to call when all you have to do is break old ATH for literally one nanosecond, either through the normal market or a short squeeze to put you into an entirely new ballgame.
The real question to ask yourself is, at what levels do you think the market would be overextended and you would want to temporarily dump at? The answer to that question is, there would be no point to do so at 800. At 1000, the media is pumping it for you and you're in easy striking distance of ATH and insane FOMO, so still no point in selling anything. If you hit 1200, well, at that point the press coverage is going to be so big it will be forcing central bankers to consider adding it to bank reserves again like so: http://www.coindesk.com/barbados-central-bank/
All I can say is, keep holding unless you see a triple top that's far above $1200 - shout out to In-Q-Tel, Larry Summers, and the Chicoms who will be helping pump.
This is sort of along my thoughts too. I don't have a dollar price in mind but hopefully I'll recognise signs of a top when we reach it. And I expect it to rise significantly above the current all time high.
Also, all the charts are turning pretty grim. I think people are stuck up there just hoping enough buy liquidity will turn up to let them escape.
