Tony Gallippi of BitPay suggests $600 by September EDIT: $610-$1250

[coinableS]

https://twitter.com/TonyGallippi/status/614988892832419840

#bitcoin hasn't been this close to the 200 day MA since August 2014. Grexit could take it to $600 by September.

Only 2 months and a few days away until September, that would be quite a run up!

EDIT:  Tony updated his prediction:  The #bitcoin market just needs a little GREASE to get unstuck. #Grexit price targets $610 and $1250
https://twitter.com/TonyGallippi/status/615207234897846276

[Morecoin Freeman]

To me that seems extremely unlikely. I just can't see Grexit doing much for bitcoin.

In my opinion what we need is a new killer application. Like what Silk Road did.

No use = no uptrend.

[coinableS]

I think it's not too far fetched, when you search for "grexit" on twitter, 1 in 10 posts is about bitcoin.
Silk Road brought a lot of new bitcoin users but also a bad image and a lot of bad press that still haunts BTC today.

[Amph]

those are the kind of speculation that can actually start a rally to the numbers they are speculating about, i mean it could reach their price exactly because they are advocating it

i hope we stay at current level for another month or two, then it can rise to what "he" want

[srgkrgkj]

well crrently the negotiations put forard by the OMF are kinda breaking down with the IMF refusing to lend anymore so its likely we could see a grexit but not a move to btc and the ball is firmly in greeces corner atm

[Patel]

No use = no uptrend.

Truth, bitcoin has no use besides speculation.

Many of the wallstreet use cases (stocks, titles, smart contracts), which is already a regulated environment, will happen on non-decentralized ledgers.

[twats]

Europe will save their "naughty child" don't worry guyz.
Bitcoin won't be affected.

[elux]

What charting tool is Tony using?

1:

#Bitcoin support holds at $220 area for the sixth time.  when will the bears give up?

https://twitter.com/TonyGallippi/status/608400102466691075

2:

I'm calling this the "sextuple bottom" #bitcoin

https://twitter.com/TonyGallippi/status/610797708673196033

3:

#bitcoin hasn't been this close to the 200 day MA since August 2014.  Grexit could take it to $600 by September

https://twitter.com/TonyGallippi/status/614988892832419840

[coinableS]

1:

#Bitcoin support holds at $220 area for the sixth time.  when will the bears give up?

2:

I'm calling this the "sextuple bottom" #bitcoin

3:

#bitcoin hasn't been this close to the 200 day MA since August 2014.  Grexit could take it to $600 by September

Good point, the bottom is in. The year and a half bear trend appears to be over. It should be fun to see what happens this second half of the year.

[randy8777]

i would at least expect him to not say anything that is not likely to happen. especially if you're from bitpay. if he said after the halving, that would be much more of a realistic prediction.

[poncho32]

well crrently the negotiations put forard by the OMF are kinda breaking down with the IMF refusing to lend anymore so its likely we could see a grexit but not a move to btc and the ball is firmly in greeces corner atm

Russia said they would consider helping out financially if the question arose. If IMF won't lend anymore then Russia might start lending to them. There is a Russian/Greek pipeline deal that makes it in Russia's interest to help. The pipeline would give them more influence in Europe and bring in more money to Russia.

[Alley]

It's not like bitcoin in regards to grexit is a all or nothing scenario.  I'm sure a small percentage of wealth will flow into bitcoin as the wealthy try to figure out the best ways to secure their fortunes.  High inflation will happen is Greece leaves the euro.

[LFC_Bitcoin]

600 USD wow, I really hope so, that'd go a long, long way to repairing BTC's image/reputation. Correct me if I'm wrong but if the Grexit happens then other countries will be in financial trouble & it's not impossible that the Grexit could cause a snowball effect?

I'm sure I read somewhere that Greece owe France an astronomical amount of fiat.

[WhatTheGox]

To me that seems extremely unlikely. I just can't see Grexit doing much for bitcoin.

In my opinion what we need is a new killer application. Like what Silk Road did.

No use = no uptrend.

We've had uptrends before with less use then bitcoin has right now.  If left alone bitcoin does tend to go up over time.  A killer app would be nice for fast growth but i think we'll see growth all the same like in the past.

[bassclef]

To me that seems extremely unlikely. I just can't see Grexit doing much for bitcoin.

In my opinion what we need is a new killer application. Like what Silk Road did.

No use = no uptrend.

Supply and demand affects price, primarily. Price is speculative as it always has been and does not accurately reflect fundamentals. There is more use now than when price was at $1000.

We are sitting in the trough of a six month accumulation range at a weekly double bottom, and flirting with big technical milestones like the long term downtrend line and the 200 day MA. Any rally from here is going to be very powerful, shorters beware.

Tony is right. An analysis of a trend reversal from this point puts us in the $600 range, easy. Remember every move in the market sets up the next one in terms of supply and demand. The long bear market was an unraveling of the insane $1200 bubble. What kind of corrective move would result from an 18 month bear market?

[bryant.coleman]

The trade volumes are very weak right now, and if they don't pickup very significantly in the next few months, I can't imagine how the exchange rate of $600 can be reached in 3 months time. I was expecting some sort of a miracle from Greece, but it looks increasingly unlikely now. IMO, the exchange rates are likely to remain flat until 2016, when the block reward halves.

[coinableS]

The trade volumes are very weak right now, and if they don't pickup very significantly in the next few months, I can't imagine how the exchange rate of $600 can be reached in 3 months time. I was expecting some sort of a miracle from Greece, but it looks increasingly unlikely now. IMO, the exchange rates are likely to remain flat until 2016, when the block reward halves.

The volume was pretty weak before the October 2013 run up as well. It might just take a catalyst to sway the price in one direction and then the volume will follow the price instead of the volume triggering the price movement.

[OgNasty]

IMO, the exchange rates are likely to remain flat until 2016, when the block reward halves.

Traders see this coming.  The run-up will happen BEFORE the block reward halving, not after (although supply and demand says it may create a lighter downward pressure, obviously).  The price leading up to it isn't as much a supply and demand issue as it is a "everyone knows what's going to happen" issue.  When I was a young trader learning the stock market, someone much more experienced than me told me that an equity's price is a prediction of what is going to happen over the next 9 months.  You are trading against people's future expectations, not the current situation.  Everyone is expecting the price to rise due to the block reward halving, so they will pile in beforehand, many with the intent to sell once the reward happens to bank profits.  Ever heard the old Wall Street saying of, "Buy the rumor, sell the news?"

[coinableS]

Well it's official... Bloomberg: Greek Banks to Remain Closed Monday: Piraeus Bank CEO

http://www.bloomberg.com/news/articles/2015-06-28/running-out-of-cash-greece-counts-on-ecb-to-avert-black-monday

Tuesday is the deadline, will they be open on Tuesday ready for the bank run? Or will there be a last minute "deal" tomorrow in an attempt to quell the Tuesday rush on banks?

[criptix]

Well it's official... Bloomberg: Greek Banks to Remain Closed Monday: Piraeus Bank CEO

http://www.bloomberg.com/news/articles/2015-06-28/running-out-of-cash-greece-counts-on-ecb-to-avert-black-monday

Tuesday is the deadline, will they be open on Tuesday ready for the bank run? Or will there be a last minute "deal" tomorrow in an attempt to quell the Tuesday rush on banks?

no deals anymore - there will be a referendum where the greece people will decide.

the funny thing:
the referendum is at sunday, but until then the offer from EU and IMF is already void.
so in fact it is all just a bullshit show.