Downward trend imminent

[kokojie]

GLBSE was a huge part of bitcoin usage, tons of bitcoin were deposited with them. Now they are gone, and once
users get their coin back, they have no where to put them, there are currently no viable GLBSE alternative.
Many user will likely to sell their coins for cash. The price has already crashed from $12 to $11, even when no
user has gotten their coin back yet, now imagine the price crash when the users get their coins back.

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[ElectricMucus]

That depends on what you see as downward trend, you mean mid term?

[kokojie]

That depends on what you see as downward trend, you mean mid term?

for 3-4 months is what I see. Might go as low as $7-8 range, then stabilize to $10 level.

[Technomage]

And the usual FUD starts.

As I see it, GLBSE is a minor part of the Bitcoin economy as a whole and can't and certainly will not affect any even-slightly-longer term trends in any way. In the short term it's a good excuse to spark a healthy correction though, that's for sure.

Thus far the only actual applications for GLBSE have been mining, loans, rarely anything else. Nefario had plans for other stuff but never got there. I've been known to underestimate the effect of events though, so maybe I'm wrong. Regardless, I see the closure of GLBSE as a smaller thing than Pirate and the market recovered very well from that, didn't it?

Also, GLBSE does have an alternative called MPEX. That is afaik much more legitimate anyway, there are actually some requirements to get listed over there. GLBSE was a loose cannon and had no diversity, I never even registered. Hopefully something better comes in the future.

[Severian]

Let it drop. I like picking up cheap coins.

[FreeMoney]

Theymos said he thinks there are 4000-8000 coins of deposits at GLBSE. So... bitcoin market-wise, nothing really.

[tHash]

Anyone who sells now is just playing into the hands of those who are forcing the market down to get cheap coins.   Selling now is more risky than holding I think.   There may be a bit further it can fall, but long term, aside from the government making an announcement that they are actively going to go after bitcoin, there is only one direction to go.

People keep trying to apply the same logic to bitcoin as they would to stocks etc.   We have never seen anything like bitcoin, it does not follow the same rules, or it would already be dead.   The ONLY reason to keep fear-mongering on the boards is to try and incite hysteria.   I am getting tired of it . . .

GLBSE is only a small part of bitcoin usage, nothing even remotely close to what BTCST was.   Why would it have a greater effect on the market?

[aqrulesms]

The downfall is mostly all speculation as well, and increases that were expected are also speculation. 

It goes both ways. The closure of GLBSE is an excuse by bearish speculators to purchase coins at a cheaper price, hence why you see a building wall at $11.7.  They want to force the price down to that level, wait for the price to then go back up and sell it off as a profit.

[salty]

It's a combination of GLBSE news and the weekend dip IMO, but will it trigger a sell-off?

[adamstgBit]

I hate to break it to you guys... but 11.70 is defiantly not the true bottom.
we're looking at a full blown collapse of bitcoin's value.

[Severian]

we're looking at a full blown collapse of bitcoin's value.

Let it tank. There's now an ever larger number of people that will buy in if it hits $5-$7-$9 again.

[Yuhfhrh]

I hate to break it to you guys... but 11.70 is defiantly not the true bottom.
we're looking at a full blown collapse of bitcoin's value.

I'm calling the bottom at $9.50

[ElectricMucus]

I hate to break it to you guys... but 11.70 is defiantly not the true bottom.
we're looking at a full blown collapse of bitcoin's value.

Again what do you mean by that? Sounds like the usual Death Of Bitcoin™.
(That means below last years low of 1.99)

[Narydu]

Full blow? Who cares? We will be there to profit.
None of us believe bitcoin will ever die, nor that it is useless.
As speculator (0,3% mtgox) I just love this kind of dips and ups.
In the LONG TERM we all believe in BTC price, but in the short term, its all fun!!!
Join the joyride!!!.

I would bet anyone that we touch $18 before we get under $6.5 if we ever get there again, but righ now I believe that we can go as low as $10,80's.

Could anyone share, once again, a graphic weekday based trend for the last 5 month? or perhaps point me to somewere...

[Stephen Gornick]

The price has already crashed from $12 to $11,

Did you mean from near $13 to under $12?  




Also, ... "crash"?    A ten to fifteen percent dip over a weekend when no banks transfers can be made  is not unheard of in these here parts.

[kokojie]

The price has already crashed from $12 to $11,

Did you mean from near $13 to under $12?  




Also, ... "crash"?    A ten to fifteen percent dip over a weekend when no banks transfers can be made  is not unheard of in these here parts.

Near $13 is 12
under $12 is 11

[bitcon]

Let it drop. I like picking up cheap coins.

+1

[salty]

It's a bank holiday in the US today right? So nothing too surprising here considering the GLBSE news, the indicator will be late tomorrow/Wednesday, which way will it go then.......

[RyanRed]

That depends on what you see as downward trend, you mean mid term?

for 3-4 months is what I see. Might go as low as $7-8 range, then stabilize to $10 level.

Thats when I will buy

But Im not sure if will drop to that. I honestly believe when difficultly raises we will see it raise. Then people may dump to pay off their rigs, and lowering it. But who knows..

[arepo]

and it begins. pseudo-rally after $15 bubble burst was clearly a bulltrap. we are already in a downward trend from the high of $15.