Are we in a bull trap? We’re forever blowing bubbles

[BitHodler]

I don't agree with such statements and don't beleive bitcoin is a fraud or bubble. Seems like some have problems accepting the new reality that bitcoin and cryptocurrencies bring to us. And like it's in someone interest to keep users always in panic and always in fear especialy those who have entered the bitcoin world without proper knowledge and information. Don't beleive in such stories.

You shouldn't take the words from whatever entity trying to defame Bitcoin seriously. In JPMorgan's case, they are abusing their status to bring the price down so they can buy at lower levels.

They have already been accused of market manipulation. It's not for nothing that they have been buying themselves into Bitcoin ~ it's just a game for them. They state that Bitcoin is a fraud, but yet they have bought it.

Instead of people taking them seriously, they should use the lowered price to accumulate even more. If they don't, and keep waiting as always, they continue to miss out on buying at lower levels.

People for some reason always tend to wait for the price increase before they start buying.

[iamTom123]

This figure is popping up everywhere and seems to make sense.. Classic bubble or bullshit? Are we in a bull trap right now? Your thoughts please! https://goo.gl/images/mbmDwk

We have just been to a big "bubble" due to the recent news coming from China but the said bubble is not the same bubble as what others have been predicting. There are people who are still clinging to the idea that Bitcoin can go pop just like what happened to the tulip bulb centuries ago and they keep on showing us graphs and figures convincing us that they are really right in their projection and prediction.

Until now, those projections are still just projections because every time there can be dips caused by bad news Bitcoin eventually recovered and this is what is happening right now...slowly Bitcoin is climbing back because there is that continuing demand and trading for it. The market collapse that some are warning us remains to be so distant into the future and may never happen according to what they are predicting to be.

We live in a democratic space so we have no choice but to also hear those negative predictions and projections that these people think will really happen to Bitcoin. Many of them are well-meaning individuals but there are those who are doing it with their own business agenda pushing them to do so...and that is the sad part.

[pedrog]

It doesn't match that well, it's a bit of a stretch to see the same thing in the two charts, some of us were hoping for another dip.

Chinese exchanges are closing, this might bring the price down a little but it won't stay down very long, there're bullish news everyday.

[xfaqs01]

it could be a bull trap, why? considering thw news from china coming this 30th of september, big player will ride on the news  and make profit out of sorting. or it could a bullish since chinese are prepared about whats gonna happen this 3o, some or most are transfering their holdings to exchanges that arw out of the jurusdiction of xhinese govt

[hatshepsut93]

No, in fact it was the opposite - a coordinate bear trap caused by speculation on negative news. Now we are just returning to the growth trend that was before the FUD. Bull traps have very different patterns - they are short term spikes to levels lower than before the crash - this is not the case now, because Bitcoin went back to above $4,000 slowly in a course of 12 days, while the drop (bear trap) was very short lived - only 1 day long. Bear market can only be called after a very prolonged price decrease, at least 2 months.

[figmentofmyass]

We're already past that, btc is not a cheap way to send money. Maybe if we're talking big transactions.
Fee's are somewhat ridiculous already for a usable "currency". More like store of wealth now.

i'm excited to see what happens in the next 1-2 years. segwit activation has enabled a lot of future innovations like schnorr aggregate signatures, MAST and the lightning network.

it's too early to say what the topography of the lightning network would look like (i.e. whether it would be centralized/hub-and-spoke), but it's fair to say that early testing shows promise. these things will allow lower fees -- perhaps much lower fees. for now, though, i agree with you. fees are too high to transact with the expectation of instant confirmation. but it's cheap and possible to send with 1-2 satoshis/byte and wait a day or two for confirmation.

[mozillaspez]

It doesn't match that well, it's a bit of a stretch to see the same thing in the two charts, some of us were hoping for another dip.

Chinese exchanges are closing, this might bring the price down a little but it won't stay down very long, there're bullish news everyday.

Who said that they are closing they are opening because they let bitcoin once again Chinese are just ignoring rumors about what they spread so kindly stay happy that bitcoin is going once again they cannot banned bitcoin.

[Armstand]

It doesn't match that well, it's a bit of a stretch to see the same thing in the two charts, some of us were hoping for another dip.

Chinese exchanges are closing, this might bring the price down a little but it won't stay down very long, there're bullish news everyday.

Who said that they are closing they are opening because they let bitcoin once again Chinese are just ignoring rumors about what they spread so kindly stay happy that bitcoin is going once again they cannot banned bitcoin.

Every FUD only affects the newbies, once were confident that btc will keep moving, we don't easily get panicked on its news for it will keep on happening, it's not always on top but it makes the ride more exciting.

[BitcoinPanther]

No, in fact it was the opposite - a coordinate bear trap caused by speculation on negative news. Now we are just returning to the growth trend that was before the FUD. Bull traps have very different patterns - they are short term spikes to levels lower than before the crash - this is not the case now, because Bitcoin went back to above $4,000 slowly in a course of 12 days, while the drop (bear trap) was very short lived - only 1 day long. Bear market can only be called after a very prolonged price decrease, at least 2 months.

Yeah, I also think that this is very possible.  We already have the dip this year, and the current event shows bullish Bitcoin, Google accepting Bitcoin payment by implementing Bitcoin API to their site and the upcoming bitcoin upgrade.  I also believe right after all the nonlicensed exchanges shut down in China, comes the opening of licensed exchanges that will cater Bitcoin transaction in Chinese territory.  This is a bullish Bitcoin.  

[CoinClarity]

The future of the price of BTC will depend on whether or not Wall Street decides that it is more important than everybody else on the planet. Since its a given that they do, its safe to say they have absolutely no concern for the skyrocketing transaction fees which make BTC a more expensive alternative to PayPal and Western Union.

Normally, this would set a limit on the price of BTC, but since the filthy rich see normal people as gum under their shoes and don't care about their needs or wants at all, I think bitcoin very well has the potential to go to $10,000+, with $20-$200 transaction fees becoming the norm.

That's OK because other more affordable, universally-employable cryptocurrencies are already in existence by the hundreds, and bitcoin will simply be the coin of Wall Street.

[nidacoinlove]

The future of the price of BTC will depend on whether or not Wall Street decides that it is more important than everybody else on the planet. Since its a given that they do, its safe to say they have absolutely no concern for the skyrocketing transaction fees which make BTC a more expensive alternative to PayPal and Western Union.

Normally, this would set a limit on the price of BTC, but since the filthy rich see normal people as gum under their shoes and don't care about their needs or wants at all, I think bitcoin very well has the potential to go to $10,000+, with $20-$200 transaction fees becoming the norm.

That's OK because other more affordable, universally-employable cryptocurrencies are already in existence by the hundreds, and bitcoin will simply be the coin of Wall Street.

Well let me explain a bit for you, the perspective with which you are looking to it is a bit different. The wall street have to do nothing with the bitcoin price. Bitcoin price increases with the number of users. So, the wall street only talk about it and nothing more.
Coming to the transaction fee, the transaction fee will definitely increase with the increase in bitcoin price. At first these transaction fee was lesser because the price of bitcoin was less now it's above 5000 dollars and making it's way to $6k.
I think it will be better to accept the reality of transaction fees.

[omonuyak]

This figure is popping up everywhere and seems to make sense.. Classic bubble or bullshit? Are we in a bull trap right now? Your thoughts please!

https://goo.gl/images/mbmDwk

Bitcoin is still at the early stages and we still expect more bubbles in days to come. I think  $100,000 will be appreciated by all of us and by the grace of God we would get there before 2021 if the system continue to move according to the current rate. "It actually seeing to make sense the way bitcoin price is popping". I wish all the fiat is converted to bitcoin as this system is more transparent and reliable than the fiat systems of corruption and inflation we have now.

[talkbitcoin]

The future of the price of BTC will depend on whether or not Wall Street decides that it is more important than everybody else on the planet. Since its a given that they do, its safe to say they have absolutely no concern for the skyrocketing transaction fees which make BTC a more expensive alternative to PayPal and Western Union.

Normally, this would set a limit on the price of BTC, but since the filthy rich see normal people as gum under their shoes and don't care about their needs or wants at all, I think bitcoin very well has the potential to go to $10,000+, with $20-$200 transaction fees becoming the norm.

That's OK because other more affordable, universally-employable cryptocurrencies are already in existence by the hundreds, and bitcoin will simply be the coin of Wall Street.

sorry to disappoint you but bitcoin is not some little stock that only belongs to and is being traded in US. it is a global thing that many different people from different places around the world with different economical backgrounds are investing in it.

have you even checked the volume that has been coming from China?
how about the volume that has been coming from Japan from the start of this year and specially after their biggest Forex broker added bitcoin to their platform?

in bitcoin, it doesn't matter how big you think you are in the fiat world (aka the wall street dudes) you will be a tiny fish in the see when it comes to bitcoin with all the whales that have been around for a while to accumulate lots of bitcoin.