Bitfinex premium down to $90. Who wants to bet that once the spread between BFX and Bitstamp disappears, BTC starts to move again.
I tend to agree with you on the theory that the premium could tend towards zero, and then perhaps later create another gap, but there really remains little reason for premiums to continue... even though such premiums could continue to exist for many more months.
Another ongoing dynamic seems to be the need to purge froth the alt coin space, with ethereum and bcash being amongst the biggest candidates of such need for purging.
If you look at the one year charts (on bitstamp), you will see that both ETH and Bcash are pushing their year long low numbers for that period, Bcash has touched upon such year long low numbers (which is $407.46), even today, yet ethereum, with its current floating in the $190 arena, still has about 14% further fall before it is touching on its year long low number (which is $167.25).
Surely, none of us can be sure if Bitcoin is going to continue to hold up its value, in all of this mess, but with bitcoin prices currently a bit above $6,200, there still remains about a 12% cushion before it would reach it's $5,555 yearly low.
Ethereum charts do seem a bit more pessimistic since the low of $167.25 was reached in the past 3 months with Ethereum, yet Bitcoin had its $5555 low about a year ago, and in the past 6 months, bitcoin's low was $5,774.72 - while higher bitcoin price support seems to have been holding a bit better, at least in bitcoin as compared with ethereum.. and so it remains a question of the accuracy of a thesis of whether some of the major alt coins (aka shitcoins) continue to experience additional purging of froth (which also may drag on bitcoin's price - at least decrease bitcoin's likelihood for significant upwards).
In other words, even boring price movements can be interesting to watch, even while a lot of us BTC hodlers would prefer UP, we might be unable to extract the eyes of our selfies from watching the charts, perhaps?
Poll
