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Question: Due to the largest percentage rise in BTC this year, are we expecting a correction?
Correction occurs and I purchase - 10 (71.4%)
Correction fails to occur - 4 (28.6%)
Total Voters: 14

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#Gold
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March 06, 2013, 06:59:55 AM
 #1

I am trading at Mt-Gox and I have been purchasing BTC since August 2012.  I delayed purchases on the February 2013 Upswing, as I expected a correction, which did not occur.  I was prepared to purchase again at $35 per BTC, and now the price rose in 48 hours to $45 per BTC.  This really knocked back my ambitions to purchase at the cheaper price.  Can anyone envisage a major correction as a result of this unprecedented $10 rise in price within 48 hours?
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bozak
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March 06, 2013, 10:02:10 AM
 #2

It is certainly possible and if prior bitcoin trading is a guide then we should see a correction.  However, if the recent runup is due to some bigger players finally entering the market (which is actually much overdue in my opinion), then the recent runup is going to seem small to what we could see.  Imagine if a hedge fund placed a 1 million dollar market order on Gox?  This is would still be a tiny investment (and not the best way to buy), but it would probably make the exchange rate go up 5x from here. 
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March 06, 2013, 10:12:53 AM
 #3

The rally is probably due to the media attention Kim Dotcom and Mega gave to bitcoin via twitter with his intentions to start a bitcoin CC. We _could_ see a correction if he withdraws form his proposal.

I'd buy now, then check and sell/buy so that the EE value in USD in BTC would be the same, keeping extra USD obtained in the sell/buy. And only sell all BTC when the value goes down so as it burned half of your profits (or any significant value to you.)
ehoffman
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March 06, 2013, 12:00:27 PM
 #4

I think the uptrend is due to Mt. Gox wanting to establish in North America

See http://www.forbes.com/sites/saranyakapur/2013/03/05/bitcoin-ready-to-go-mainstream-with-first-u-s-exchange/

Of course, we see speculative prices, and if may well crash, but at the same time, it may well get more public attention, and big investors eventually, so that drive the price nuts.

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March 06, 2013, 05:06:51 PM
 #5

Many are waiting for correction just to buy more.
So because of that it might not come or be very short.
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March 07, 2013, 10:55:50 AM
 #6

Small correction (and rebound) arrived! 49->33->43 now.
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March 07, 2013, 11:02:13 AM
 #7

The rally is probably due to the media attention Kim Dotcom and Mega gave to bitcoin via twitter with his intentions to start a bitcoin CC.


^Bingo
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