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June 12, 2011, 03:17:44 AM |
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So bitcoinwatch is predicting a 40-50% difficulty increase by my guesstimate sometime early Wednesday morning.
My thoughts, which are complete guesses in the dark, with all the volatility, I think we're going to see the price settling back down around $14/BTC, and then I think it will slowly creep back up towards 20 over the next week or so.
I was a little alarmed at first with it dropping like a rock, but looking at the market depth, there are hundreds of thousands of dollars waiting in the $8.00-$10.00 range on the bid side, which tells me a lot of people are looking for a new floor to jump back in. I think a lot of people cashed out at those higher prices, and are sitting on their USD waiting for the correction to sort itself out. I think we'll briefly see it touch down to 7 or 8$ this weekend, and then mon/tues/wed we'll see heavy volume with slow increases up to around $14, and then see it test $18-$20 over the next week or two.
These are all just gut feelings, I just wanted to put this down in writing, so I can look in a week or two and see if my gut instincts are correct.
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