Do you think BTC has settled around $100?

[Aztec]

Hi all

What an exciting weekend for BTC. Sad that it dropped a huge amount but it's still higher than it was about 8 days ago and seems to be staying around the $100 mark.

Many people said that once it recovered to $100 yesterday that there would be a mass panic sell but that didn't happen as far as I can see.

If it stays around $100 into next week and for the next few weeks, I think it is very positive for the future of Bitcoin as a currency. Some people seemed hell bent on manipulating the market and using harmful DDoS tactics to do it. It looked like it was going to crash and burn but it hasn't. So there's one in the eye for all the detractors.

Long Live BTC

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[just1nmc]

Hi all

What an exciting weekend for BTC. Sad that it dropped a huge amount but it's still higher than it was about 8 days ago and seems to be staying around the $100 mark.

Many people said that once it recovered to $100 yesterday that there would be a mass panic sell but that didn't happen as far as I can see.

If it stays around $100 into next week and for the next few weeks, I think it is very positive for the future of Bitcoin as a currency. Some people seemed hell bent on manipulating the market and using harmful DDoS tactics to do it. It looked like it was going to crash and burn but it hasn't. So there's one in the eye for all the detractors.

Long Live BTC

If we end the weekend anywhere around $90+ I'm expecting a steady rise to continue. There are a lot of people who sold during the crash, that are waiting out the weekend to see what happens. Once new money starts coming in on (and there's plenty of it), the price will rise and people will buy back in.

Every sign I've seen is still pointing up, regardless of the panic sell off. Google trends, media coverage, mtgox queue, growth on the bitcoin subreddit and on bitcointalk, all are higher than they've ever been.

[BTC Books]

I have no idea.  I guess it has for the past 8 or 9 hours - and it looks likely to hang somewhere around $100 for the next hour or two.

But beyond that?  No clue.

[viboracecata]

More time needed to prove the price.

[proudhon]

No.  This is the calm before another storm.  The supply of bitcoins for sale on MtGox has nearly quadrupled in the past 4 days.  People want out, and the price will continue downward as a consequence.

[Malawi]

Methink the BTC will keep sliding downwards for some time. But there will be peaks.
It will be interesting to see where it is in a months time.

BTW: Nice to see that others have found the way of bob.

[bitcon]

No.  This is the calm before another storm.  The supply of bitcoins for sale on MtGox has nearly quadrupled in the past 4 days.  People want out, and the price will continue downward as a consequence.

of course, the DdoSers are putting their coins back on gox getting ready to pump and dump again.

[Chainsaw]

Normally, I'd agree, since people tend to seriously discount the psychological power of familiar, even numbers, like $100.  But there are far more powerful market forces at work, in both directions.  I think we've got some serious tugging yet to happen, in both directions, before things settle down again.  A few days, at a minimum.

Then, provided its mainstream image can emerge untarnished enough, hopefully a slow, steady upward march can resume.

[TooCasual]

of course, the DdoSers are putting their coins back on gox getting ready to pump and dump again.

+1 .. I 100% feel the same way (whether its true or not in reality).

TC

[rpietila]

I think the bulls will just buy to keep it at or above $100. That's all we need, since the number of coins is limited, and most panickers already hold approximately 0 of them. Personally I am content with 3-6 months at $100-$120. I have no delusion that it will last that long, so I will buy more at every opportunity. I know the mindset of those that are coming after me.

[kingcrimson]

I think all these new 20,000 accounts a day only see one thing: $266 then, $100 now.
They want a crack at it.

[nobbynobbynoob]

I think all these new 20,000 accounts a day only see one thing: $266 then, $100 now.
They want a crack at it.

This.

Proudhon's graph is interesting and significant, but it's also important that the green line on that graph has shot up as well, more than the orange one in fact. That goes a way toward explaining the current "tug o' war" and sideways-ish movement so far (slightly bearish since Saturday, slightly bullish since Friday).

[gradient vector]

There are people looking to get into bitcoin that will think $100 is a bargain but there are even more people who got in earlier that might be looking to sell on any more signs of weakness. 6 months out is still pretty bullish for bitcoin though.

[mmortal03]

Normally, I'd agree, since people tend to seriously discount the psychological power of familiar, even numbers, like $100.  But there are far more powerful market forces at work, in both directions.  I think we've got some serious tugging yet to happen, in both directions, before things settle down again.  A few days, at a minimum.

Then, provided its mainstream image can emerge untarnished enough, hopefully a slow, steady upward march can resume.

I bought in at $100 with some short term gains from $60 and will be holding for the long term. A problem with this would be if the bears are right about a slow downward slide, like after the last "bubble".

[XXthetimeisnowXX]

Normally, I'd agree, since people tend to seriously discount the psychological power of familiar, even numbers, like $100.  But there are far more powerful market forces at work, in both directions.  I think we've got some serious tugging yet to happen, in both directions, before things settle down again.  A few days, at a minimum.

Then, provided its mainstream image can emerge untarnished enough, hopefully a slow, steady upward march can resume.

+1 thankyou I agree. the tugging will give way to buyers though. to the moon by end of year. you will only wish yo had bout your 100 coins now and not at 1,486.(next big drop)

[sunblaster]

[rpietila]

I bought in at $100 with some short term gains from $60 and will be holding for the long term. A problem with this would be if the bears are right about a slow downward slide, like after the last "bubble".

The bears have a vote only up to the number of bitcoins they are willing to sell on the way to $30. Do you honestly think any of the bears here are long any bitcoins?? 

[bitcoiners]

I bought in at $100 with some short term gains from $60 and will be holding for the long term. A problem with this would be if the bears are right about a slow downward slide, like after the last "bubble".

The bears have a vote only up to the number of bitcoins they are willing to sell on the way to $30. Do you honestly think any of the bears here are long any bitcoins??  

I'm long, yet I'm still not stupid.

I hold many btc yet I've liquidated almost half due to recent events. Only those in denial still hold all BTC.

Edit: To op's question.

NO.

[Vandroiy]

100 is more likely a psychological level than an equilibrium level. If that means anything, then that it's not a very good place to settle at.

[Mouser]

Proudhon, I have a few questions for you.

Do you think BTC is enough of a threat to the mainstream fractional usury currencies that the centralbanks would bankroll (pay) people to go on BTC forums and give consistently negative opinions about everything to do with BTC?

Do you believe the 266 to 55 crash was orchestrated by a handful of operators trying to crash BTC completely?

For the record, do you yourself own any BTC? Tens, hundreds or thousands?