bubbling up because media talking of record high

[phelix]

Every day there is news about bitcoin reaching new heights. This is a sure sign we are bubbling.

I predict: once this news bellows will dwindle we will crash


http://news.cnet.com/8301-1023_3-57571732-93/bitcoin-virtual-currency-hits-record-high-after-exchange-deal/
http://www.theverge.com/2013/2/28/4039042/bitcoin-value-reaches-new-high-against-us-dollar
http://arstechnica.com/business/2013/02/bitcoin-reaches-an-all-time-trading-high-of-over-33/

http://thenextweb.com/insider/2013/02/28/bitcoin-virtual-currency-stages-epic-comeback-hits-new-all-time-high-of-32/
http://mashable.com/2013/02/22/bitcoin-trading-at-30/
http://qz.com/56029/bitcoin-is-trading-at-a-record-high/

[humanitee]

If we are then it's just starting.

Those huge dumps would, in the past, cause either speculators to race to the bottom or at least a significant stall in price rises. They are doing absolutely nothing to the market at the moment.

[Bitcopia]

The true value that bitcoin holds and the possibilities of its future uses are starting to be realized by more than just a few select individuals. I have had random people at the bar ask me what I do, and respond, "oh yeah, I've heard of that bitcoin thing." And they usual say it with intrigue. We're not at critical mass, but we're approaching it. And if it is reached, bitcoin will be the investment of all our lives. I don't recommend selling unless you are a day trader.

[phelix]

If we are then it's just starting.

I hope you are right. I feel like that, too, but with us coinheads you never know...

Those huge dumps would, in the past, cause either speculators to race to the bottom or at least a significant stall in price rises. They are doing absolutely nothing to the market at the moment.

yeah, that impressed me, too.

[mccorvic]

Posting in another "Because of X then bubble".

Though, to be honest, this one isn't even that creative.  I shall spot you a few free ones that may lead to more interesting conversation:

McCorvic is posting more than once a day, therefore bubble.

The price of bitcoin is almost to $37, which is a prime number, therefore bubble.

My shoe has become untied, therefore bubble.

My mom let me on the computer again, therefore bubble.

Feel free to use any of the above.  Any more will cost you some extra BTC therefore bubble

[klaus]

Posting in another "Because of X then bubble".

Though, to be honest, this one isn't even that creative.  I shall spot you a few free ones that may lead to more interesting conversation:

McCorvic is posting more than once a day, therefore bubble.

The price of bitcoin is almost to $37, which is a prime number, therefore bubble.

My shoe has become untied, therefore bubble.

My mom let me on the computer again, therefore bubble.

Feel free to use any of the above.  Any more will cost you some extra BTC therefore bubble

+1

JABT

(just another bubble thread)

[Bit_Happy]

'Bubble' might not be accurate, since we don't have the massive upward spikes  ($4+ the same hour) that we had in early June 2011.

Very Short-term: We have had several dramatic, 'healthy' corrections.
Medium-term: We are way over-due for a (temporary) big dive, and the longer it's put off, then the more massive it will be.

[mccorvic]

'Bubble' might not be accurate, since we don't have the massive upward spikes  ($4+ the same hour) that we had in early June 2011.

Very Short-term: We have had several dramatic, 'healthy' corrections.
Medium-term: We are way over-due for a (temporary) big dive, and the longer it's put off, then the more massive it will be.

Ah man, you were so close to actually being right and then you got to that last sentence...

[Bit_Happy]

....
Ah man, you were so close to actually being right and then you got to that last sentence...

Great, I'm still a Bit_Happy.   

[afbitcoins]

On the surface it looks like a bubble, but I don't think it is yet, theres a lot of room for higher prices, we're still in the same channel we were in before the 2011 bubble even started!

[Technomage]

I'm seeing the signs of a bubble in the making. I think we're in the beginning or in the middle of a big bubble. Current price isn't too overpriced yet though. There is also the possibility that massive developments will happen in the Bitcoin world this spring and later this year which means that the actual growth of the Bitcoin economy might catch up with the price. That means a "massive dive" might not even happen. It depends on how overpriced we become relative to how the economy is growing.

[Anth0n]

It might seem like everyone is jumping on the Bitcoin bandwagon right now, but that's simply not true. No one that I've talked to in real life even knew that Bitcoin existed before I mentioned it. No institutional investors are involved in Bitcoin yet. The real bubble will happen when the big investors start piling money into Bitcoin ventures, many of which will ultimately fail, but in the meantime, whoever is holding bitcoins will reap massive rewards. Of course, short-term corrections will happen along the way. But the big picture looks pretty good.

[arepo]

'Bubble' might not be accurate, since we don't have the massive upward spikes  ($4+ the same hour) that we had in early June 2011.

Very Short-term: We have had several dramatic, 'healthy' corrections.
Medium-term: We are way over-due for a (temporary) big dive, and the longer it's put off, then the more massive it will be.

Ah man, you were so close to actually being right and then you got to that last sentence...

so 9 consecutive weekly green candles (>2 months) is perfectly normal and sustainable?

[mccorvic]

'Bubble' might not be accurate, since we don't have the massive upward spikes  ($4+ the same hour) that we had in early June 2011.

Very Short-term: We have had several dramatic, 'healthy' corrections.
Medium-term: We are way over-due for a (temporary) big dive, and the longer it's put off, then the more massive it will be.

Ah man, you were so close to actually being right and then you got to that last sentence...

so 9 consecutive weekly green candles (>2 months) is perfectly normal and sustainable?

Sure. 90, meeehhhh. But 9? Sure.

And I like how you even went with weekly candles.  You just zoomed out until you found a metric you didn't like and decided, "Yup! There's mah proofs!"  Way to cherry pick.

[piramida]

what, 4 green yearly candles is not sustainable no

[smoothie]

OP is wrong,

That "indicator" of news stopping that will crash the price is a LAGGING indicator.

Price will fall before that happens.

[phelix]

OP is wrong,

That "indicator" of news stopping that will crash the price is a LAGGING indicator.

Price will fall before that happens.

op did not say stop but dwindle = decrease

[Wekkel]

I think there are a couple of reasons that could lead to a decrease in price:

• MtGox does not support shorting (so negative feeling about the market may not be fully reflected in the price; more prone to air pockets)
• regardless of the enthusiasm of people, the practical use of Bitcoin is still rather limited (exchanges not widespread, economy is still relatively small); people that get into the game now will also realise this later on, just like the one's in 2011
• it's a small market; if buying goes on like this, at some point the bids will more or less vanish leading to a spike. It takes more than in 2011 but eventually we would get there. After the spike, there will be some form of price collapse

Herd mentality does not vanish with a couple of millennia of 'civilisation'. It will be the same this time (and I will be waiting for the opportunity to buy cheap). Don't worry, you can get my BTC at $78 a piece currently  

[arepo]

'Bubble' might not be accurate, since we don't have the massive upward spikes  ($4+ the same hour) that we had in early June 2011.

Very Short-term: We have had several dramatic, 'healthy' corrections.
Medium-term: We are way over-due for a (temporary) big dive, and the longer it's put off, then the more massive it will be.

Ah man, you were so close to actually being right and then you got to that last sentence...

so 9 consecutive weekly green candles (>2 months) is perfectly normal and sustainable?

Sure. 90, meeehhhh. But 9? Sure.

And I like how you even went with weekly candles.  You just zoomed out until you found a metric you didn't like and decided, "Yup! There's mah proofs!"  Way to cherry pick.

thanks for projecting motives. i really appreciate the fair and open discussion. when did you lose so much respect for me that you can't even take a single one of my points seriously?

but anyway,

say i did exactly what you said. say i'm cherry-picking. JUST SAY --

you still need to account for it. every scale is valid and price movement patterns appear on every scale. the fact that we haven't seen a weekly-sized correction in 9 consecutive weeks is a big deal. and if you don't think it is, you don't know enough about markets. screw that, you don't know enough about historical bitcoin price data. let me put this into perspective. the only time ever that there have been 9 or more consecutive green weekly candles was during the run-up to the pirate bubble. this is not 'normal', and it's not necessarily bearish, but you didn't even respond to the damn point.

also, i'm pretty damn close to ignoring you, which would make you the first person to ever have that honor. you side-step every single point i make in every single thread, all the while treating me like im the most worthless poster on this forum. that's not discussion, and you need to step off.

edit:

btw, this is the problem:

Ah man, you were so close to actually being right and then you got to that last sentence...

"right" and "what i already believe" are not always equivalent. watch out for that.

[Bit_Happy]

Not a bubble, it's a revolution.