will we have what we are looking for? will price ever reach 1000$ again?
price will need to find its footing again, we thought we had it and doubled from the low to 680
now longs have been squeezed, shorts are increasing price is tanking and everyone is questioning everything again
this will pass... we may or may not make a new low b4 this passes who knows.
i wouldn't be surprised to see another doubling from the low after the market has found its confidence again, after that hopefully the good news keeps flowing and more importantly new users, and we'll be on our way.
don't expect a smooth ride, and i would think the market would refuse to buy 1000$ bitcoin again untill theres some good news / more usage.
but good news / more usage seems to be what's coming, with things like COIN being listed on the us stock exchange, thats sure to make heads turn, and there are other things to look forward to... once it gets going, things should turn around pretty quickly...
If all this happens and we do reach 1000$ again it will most certainly not stop there, we'll probably do another 10x increase aka "bubble"
Will it EVER reach $1000? "Ever" is a long time. If you're looking down the road a few years, the answer is that of course it will. I'd stake a whole lotta money on that. Even if it takes 3 years to hit $1000 (I don't think it will), where else are you likely to more than double your money in that period of time?
BTC value in my opinion can be derived from the value of the user network (Metcalfe's Law) and its corresponding share of global M2 money supply. And you can't put the toothpaste back in the tube. Crypto is just a better product than other options out there...see Cypherdoc's post that Overstock says use of BTC saves them 8% over credit card fees and currency exchange! That's probably pretty close to their net margin!
At 0.5% of global M2 and 5x more velocity than current, BTC is worth approximately $3000. I don't know how long it takes to get there, but it WILL. And keep in mind that the price/value graph will show BTC price crossing back and forth over the value line. Right now, I strongly believe that price is lagging value. As value climbs due to increasing adoption (as currency AND store of value, hence the M2 not M1 comparison), we will cross over and shoot to the high side.
I wouldn't expect to see a straight shot up from $1000 to $10,000. We may not see another move like we saw last year, one that takes place over such a short period and has such a magnitude. But BTC will absolutely go back over $1000. I couldn't possibly guess when. It might be in September. It might be in 2016, but even if it takes 4-5 YEARS, buying at $480 ish is a fabulous investment in the future.
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