Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JayJuanGee]

People are getting bored and posting is down to a minimum. There's talk of death and the usual trolling.

Indeed as I was checking last replies to my post and hadn't returned for a long time, not seeing this topic within the top 5 got me wondering if it had been deleted, locked or whatever. Now I see it's just boredom. Time for action, I guess, as you said

Yes, a little price action in either direction could wake up a few dormant accounts.


In terms of overall bitcoin developments, however, we are not really hurt by price stability in this most recent $560 to $620 range.

If we look at bitcoin's recent price history.  We can recognize a downtrend in prices (after the late 2013 peak) between late 2013 until late 2014, then a kind of 8-10 month stability (with further tests of downward prices) for a large part of 2015 largely in the $225 to $275 range.   Then, the upward prices came thereafter, with an upward breakout to $500 in early November 2015.  

Then largely stability of prices in the $360 to $460 range for almost six months between late 2015 and May 2016.  A May/June 2016 breakout to upper $700s, and a fairly drawn out correction back into the lower $600 (for about 3 months, so far) that seems to have placed us in this current $560 to $620 range for about the past 2.5 months.

My sense is that the odds of prices breaking to the upside remains a bit stronger than breaking to the downside, when we finally break out of this current price range.  Sure there could be some violent price moves involved with any upcoming surge, but violent price moves does not seem to be a precondition in terms of where we are at the moment - even though a year or two down the road, we may end up having BTC prices floating in the $1200 to $3000 range, and wonder why we did not buy more coins in the three digits?      

Sure, there do continue to exist some bears and bitcoin naysayers who believe our upcoming BTC price break is going to the downside from here, but it still seems that the price pressures and bitcoin developments are against such predictions - especially if the prediction makers really account for a variety of bitcoin fundamentals.   So those of you bears who performed additional shorts in the mid to lower $500s, and waiting for downward BTC price movements, could get r3ckt.... .

[Chef Ramsay]

This analyst is predicting a bloodbath and the start of another major bear market for Bitcoin - that could kill it.
https://www.youtube.com/watch?v=dQw4w9WgXcQ

[gentlemand]

That's not the gist I'm getting at all.  He's never gonna give us up or desert us. That's what I want to hear.

[chesthing]

How is 1 btc worth over $600 right now? wowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww wwwwwwwwwwwwwwwwwwwwwww
why can't it be worth $6k a year from now?

[Gahs]

It is not going to be over $6000 in a year because that kind of mass adoption can't happen so soon, besides the developers are not planning to do anything major to bitcoin core.

[noobtrader]

i guess this btc thing will stay at 6xx for decades before some new development (and/or) mass adoption happen... 

[Elwar]

I was talking to the owner of the local restaurant about bitcoin and he was considering accepting it. He likes that the fees are minimal compared to his credit card service, the no charge backs, the fact that the currency is not a government currency that is built to lose value, how he can send it all around the world within seconds.

But then he asked "is there any new development"?

I said not much, just some usual improvements at a stable pace as necessary for a developing new currency.

He immediately kicked me out of his restaurant and told me to never return.

[Elwar]

Please vote on supporting 2FA wallet services.

https://bitcointalk.org/index.php?topic=1621467.msg16300175#msg16300175

You know reducing hacks means fewer unexpected dumps 

2FA via Google Authenticator

2FA really turns me off of most exchanges. Since I cannot bring my phone to work I am stuck only using sites with 2FA at home. This sucks when I'm sitting at my computer at work and want to buy something or pay a bill or whichever.

I understand the reason for it, but Bitfinex also had 2FA which was completely bypassed.

[oda.krell]

This analyst is predicting a bloodbath and the start of another major bear market for Bitcoin - that could kill it.
https://www.youtube.com/watch?v=dQw4w9WgXcQ

Why looking for someone that far away for a good doomsday prediction? We have our very own RyNinDaCleM (one of the most competent traders I've ever had the pleasure of reading in here, btw) who some long time ago raised the possibility of a lasting bear market that (semi quote, from leaky memory) wouldn't be over while he's still alive.

Should probably add, I don't remember how serious I thought he was. Anyway, I don't think even he said anything about that killing Bitcoin though. Technical traders look at just that: market factors visible from price and volume (maybe a few more elements related to the process of trading). Leave the fundamental bs to the less successful traders

[standalone13]

Wait until the next halving the price will double 

[DARKHOLDER]

This analyst is predicting a bloodbath and the start of another major bear market for Bitcoin - that could kill it.
https://www.youtube.com/watch?v=dQw4w9WgXcQ

Oh my god--I sold all my btc😀

[log2exp]

He immediately kicked me out of his restaurant and told me to never return.

I doubt about your story, hahaha...

If it's true, you can try visit Austria and talk to people there? At least they know how to eat properly than Germans.

[Elwar]

He immediately kicked me out of his restaurant and told me to never return.

I doubt about your story, hahaha...

If it's true, you can try visit Austria and talk to people there? At least they know how to eat properly than Germans.

Nah, I couldn't hold a conversation in German. I can order food and survive. That's about it.

[Chainsaw]

This analyst is predicting a bloodbath and the start of another major bear market for Bitcoin - that could kill it.
https://www.youtube.com/watch?v=dQw4w9WgXcQ

Oh my god--I sold all my btc😀

That guy better not ever falter from an honest path, or he could seriously harm someone.

[JayJuanGee]

i guess this btc thing will stay at 6xx for decades before some new development (and/or) mass adoption happen... 

Are you prone to exaggerations, or what?

What makes you think that bitcoin is going to stay in the $600s "for decades"?  Sure it is possible, but you seem to be lacking any kind of insight based on reality or assessment.. or maybe you need a bit of patience?   

Sure, BTC prices have been in the $600s for 2-4 months, depending on how you look at the matter, but does this translate into decades.. .hardly. ... maybe you could argue or complain that we could be here for many more months, or even a year or two, ... but "decades?"  get real.

[JayJuanGee]

I was talking to the owner of the local restaurant about bitcoin and he was considering accepting it. He likes that the fees are minimal compared to his credit card service, the no charge backs, the fact that the currency is not a government currency that is built to lose value, how he can send it all around the world within seconds.

But then he asked "is there any new development"?

I said not much, just some usual improvements at a stable pace as necessary for a developing new currency.

He immediately kicked me out of his restaurant and told me to never return.

Another exaggeration...  (and I did not really think that you, Elwar, were the exaggerating type)

What bullshit.

[chopstick]

Core continues to strangle BTC's transaction capacity for some (idiotic) reason. Money still flowing into alts.

A large price drop is practically guaranteed.

[zimmah]

i guess this btc thing will stay at 6xx for decades before some new development (and/or) mass adoption happen... 

Are you prone to exaggerations, or what?

What makes you think that bitcoin is going to stay in the $600s "for decades"?  Sure it is possible, but you seem to be lacking any kind of insight based on reality or assessment.. or maybe you need a bit of patience?   

Sure, BTC prices have been in the $600s for 2-4 months, depending on how you look at the matter, but does this translate into decades.. .hardly. ... maybe you could argue or complain that we could be here for many more months, or even a year or two, ... but "decades?"  get real.

If we keep the 1MB blocksize limit we might also stay on $600 for decades.

But if we do increase the blocksize and the amount of transactions the blockchain can handle per second we should see more adoption and therefore higher prices as well.

[beastmodeBiscuitGravy]

I was talking to the owner of the local restaurant about bitcoin and he was considering accepting it. He likes that the fees are minimal compared to his credit card service, the no charge backs, the fact that the currency is not a government currency that is built to lose value, how he can send it all around the world within seconds.

But then he asked "is there any new development"?

I said not much, just some usual improvements at a stable pace as necessary for a developing new currency.

He immediately kicked me out of his restaurant and told me to never return.

Another exaggeration...  (and I did not really think that you, Elwar, were the exaggerating type)

What bullshit.

JJG, retarded as ever.

If we keep the 1MB blocksize limit we might also stay on $600 for decades.
[snip]

Maybe.

After The Great Economic Collapse ™ happens while BTC has the capacity of a medium sized shopping center... $600 might buy you a slice of bread.

[becoin]

i guess this btc thing will stay at 6xx for decades before some new development (and/or) mass adoption happen... 

Are you prone to exaggerations, or what?

What makes you think that bitcoin is going to stay in the $600s "for decades"?  Sure it is possible, but you seem to be lacking any kind of insight based on reality or assessment.. or maybe you need a bit of patience?   

Sure, BTC prices have been in the $600s for 2-4 months, depending on how you look at the matter, but does this translate into decades.. .hardly. ... maybe you could argue or complain that we could be here for many more months, or even a year or two, ... but "decades?"  get real.

If we keep the 1MB blocksize limit we might also stay on $600 for decades.

But if we do increase the blocksize and the amount of transactions the blockchain can handle per second we should see more adoption and therefore higher prices as well.

On the contrary. We should decrease blocksize if we want to stimulate innovation. Only expensive transactions will speed up development of projects like LN and sidechains.