Bitcoin on a tightrope

[blackreplica]

We stand now at about $41. If the bears are right, we continue down to the 30s,maybe 20s, maybe less. If the bulls are right, the fall stops here and we start climbing, possibly past 50, hopefully at a pace with slightly less insanity

It's like a tipping point. I can't wait to see who wins, how exciting, i almost forget sometimes i own bitcoins, the show is so entertaining just to watch

[Mageant]

If it drops to $30 I'm buying in again.
 

[Bitcopia]

I can't wait to see who wins, how exciting, i almost forget sometimes i own bitcoins, the show is so entertaining just to watch

Absolutely! I had the time of my life watching the mtgox open orders all day yesterday.

[mccorvic]

If it drops to $30 I'm buying in again.
 

Ditto (well, buy MORE than I was originally going to buy). This is why any dip into the $30 will only be momentary.  There is obvious demand for BTC at the +$40 range.  Only desperate bears wanting back onto the BTC bus will tel you otherwise (usually accompanied with really awful TA charts)

[blackreplica]

Anecdotal browsing through this forum points me to a great deal of 'bearish bulls' waiting on the sidelines. These are the people who mostly cashed out at about $45-48 and took some healthy profits and queued their buy orders between $25-35

The impression I get is that the sheer number of them waiting to buy implies the price will probably not go low enough for them to 'cover' their shorts. The flash recovery from $35 back to the $40s earlier seems to confirm my line of reasoning. It seems that, for now at least, too many people can't wait to pick up 'bargain' coins at a price far higher than what the bearish bulls think is reasonable.

I think if the price manages to hold above $40 by the end of the week, the bears will be in trouble and the bulls would have won this battle. But it's still anyone's game at this point and the critical US market has just woken up!


 

[mccorvic]

I think if the price manages to hold above $40 by the end of the week, the bears will be in trouble and the bulls would have won this battle. But it's still anyone's game at this point and the critical US market has just woken up!

This has been happening since Jan. at least. The "bullish bears" have been saying they're waiting for a "crash" to buy back in since the price hit $15.  I think the flash rally/crash yesterday may have been their last, best chance to get back in.

[oakpacific]

I think if the price manages to hold above $40 by the end of the week, the bears will be in trouble and the bulls would have won this battle. But it's still anyone's game at this point and the critical US market has just woken up!

This has been happening since Jan. at least. The "bullish bears" have been saying they're waiting for a "crash" to buy back in since the price hit $15.  I think the flash rally/crash yesterday may have been their last, best chance to get back in.

Yeah, you see how they just can't wait to jump out to spread all kinds of "doom and gloom"!

[piramida]

I have my explanation why the drop happened - price has gone to $43 and some big guy was playing with a big 50k BTC wall at the Gox, trying to set a SCARE WALL at $43, but accidentally typed $34 instead and kaboom! He's now hanging from a ceiling somewhere in a Singapore hotel room and we have had some cheap bitcoins, all went well.

[mccorvic]

I have my explanation why the drop happened - price has gone to $43 and some big guy was playing with a big 50k BTC wall at the Gox, trying to set a SCARE WALL at $43, but accidentally typed $34 instead and kaboom! He's now hanging from a ceiling somewhere in a Singapore hotel room and we have had some cheap bitcoins, all went well.

Heh, if that's the case good riddance then

[cheat_2_win]

I have my explanation why the drop happened - price has gone to $43 and some big guy was playing with a big 50k BTC wall at the Gox, trying to set a SCARE WALL at $43, but accidentally typed $34 instead and kaboom! He's now hanging from a ceiling somewhere in a Singapore hotel room and we have had some cheap bitcoins, all went well.

Heh, if that's the case good riddance then

I always felt it is good for long term health of bitcoin when someone dumps like that as that will make it harder to crash in the future with single push of a button.

EDIT: If you look at height of the bitcoin volume during the crash , it has been getting smaller and smaller. One reason for that it less people now are holding large amount of bitcoins than before and bitcoins are getting distributed to more hands that don't get scared quite easily.

[Raoul Duke]

I have my explanation why the drop happened - price has gone to $43 and some big guy was playing with a big 50k BTC wall at the Gox, trying to set a SCARE WALL at $43, but accidentally typed $34 instead and kaboom! He's now hanging from a ceiling somewhere in a Singapore hotel room and we have had some cheap bitcoins, all went well.

Just one little detail bugs me in your story: Why da f*ck in Singapore and not in Berlin? 

[lowlevel]

We stand now at about $41. If the bears are right, we continue down to the 30s,maybe 20s, maybe less. If the bulls are right, the fall stops here and we start climbing, possibly past 50, hopefully at a pace with slightly less insanity

It's like a tipping point. I can't wait to see who wins, how exciting, i almost forget sometimes i own bitcoins, the show is so entertaining just to watch

Atleast it isn't the slow (boring) fall to $3 all over again... man, that sucked.

[Richy_T]

EDIT: If you look at height of the bitcoin volume during the crash , it has been getting smaller and smaller. One reason for that it less people now are holding large amount of bitcoins than before and bitcoins are getting distributed to more hands that don't get scared quite easily.

It doesn't take a scare even. Even if you're fairly bullish on bitcoin, if you hold a lot of them, it's possibly not a bad idea to sell some while the price is fairly good.

[adamstgBit]

the market will crash hard every time with get close to or a lil over 50.

[granolageek]

the market will crash hard every time with get close to or a lil over 50.

Until the time it doesn't.

[piramida]

Just one little detail bugs me in your story: Why da f*ck in Singapore and not in Berlin? 

Sorry was that some personal friend of yours from Berlin? I was just guessing

[oakpacific]

Just one little detail bugs me in your story: Why da f*ck in Singapore and not in Berlin?  

Sorry was that some personal friend of yours from Berlin? I was just guessing

If it's in Berlin he will shoot himself and give his wife cyanides, then his guards will wrap his corpse up in a blanket and burn them on gasoline, while the shells from the big fiat guns of the Red Bull Army explode all around them.

[Bit_Happy]

Tightrope?

This is the people who invested/gambled money they cannot afford to lose:




Here is Satoshi (the Coin Master) preparing for his next adventure:

[Xendrios]

Here is Satoshi (the Coin Master) preparing for his next adventure:

epic pic & comment!

[Bitcopia]

the market will crash hard every time with get close to or a lil over 50.

Until the time it doesn't.

This.

It's only happened once. It will probably not happen more than a few times IF it even happens again. We might steadily rise right through $50 now. And no, I'm not just being hopeful. I sold 90% of my BTC at $49 and am waiting to buy back at a more stable price. But $50 is a low price point ultimately.