excellent points... soon optimists will come to their senses and understand that there's avalanche of coins that will cripple rallies, it's why Willybot was successful because it was buying with fiat it didn't own and when there was less supply of minted coins... in addition to all those frustrated hodlers that are just waiting to gtfo at 500, 600, 700+ range there's also oversupply from US marshals, MtGOX liquidation, mining companies, payment processors that do nothing but dump right back at you, i don't even want to mention margin trading... CCMF anyone?
<doomer alert>
Let me guess, you are wearing a placard saying, 'the end of the world is nigh (sell bitcoin)'?
I sold my bitcoins on 2013 December, when the price was about 1060$. After that, I have only bought bitcoin by holding it no more then 12h tops.
I just haven't seen a reason that would cause a strong enough rise to be sustained. I think that the crypto market is highly inefficient, and the majority of the players are dumb and inexperienced.
I believe that there would have been a proper trend reversal in 2014 Q3, if the market would have dropped to around 200$ in Q1 and would have rested there till Q3, and then there would have been enough force to push the rise back into orbit. The fake reversals that we have seen here, have only made the market weaker. For instance, if the price would have stayed at 200$ for the first part of 2014, then it would have slowed down mining expansion and that would have meant less cost for the network and less selling pressure.
Biggest buyers of coin jumped in too early and only exhausted their resources in paying the overheated and senseless mining network.Now, the rich enthusiasts are out of resources or enthusiasm and because there are even more mined accumulated coins waiting to be sold,
the selling pressure is even higher then before to push through.Bitcoin as an investment went to hell, because people couldn't keep a cool head and tried to push BTC up too early. Too much of "if we believe it enough, then anything can happen!!!" attitude will screw things up like that.
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